Petrol prices have climbed above N1,400 per litre across major Nigerian cities, adding to concerns that pump prices could approach N1,500 as international crude oil prices surge past $100 per barrel.
Reports on Sunday indicated that most filling stations in Lagos were selling Premium Motor Spirit (PMS) between N1,400 and N1,430 per litre, while MRS stations dispensed the product at N1,395 per litre.
In Abuja, petrol was selling for between N1,400 and N1,450 per litre.
The latest increase represents another sharp rise in domestic fuel prices, which have moved from about N830 per litre before the escalation of the Middle East crisis earlier this year to above N1,300 in many parts of the country.
The latest pump price increases come as international crude oil prices continue to climb.
Brent crude rose above $100 per barrel and reached about $107 per barrel on Thursday. By Sunday, Brent was trading at $104.61 per barrel, according to Oilprice.com.
Before the Middle East crisis began on February 28, Brent crude was trading below $69 per barrel.
Concerns about disruptions to global oil supplies, particularly through the Strait of Hormuz, have since pushed crude prices sharply higher.
The increase is feeding into the cost of crude oil for domestic refiners and fuel importers, putting additional pressure on petrol prices in Nigeria’s deregulated downstream market.
The latest increase has heightened concerns among consumers that petrol could soon sell for N1,500 per litre in more locations.
The concern intensified after reports that Dangote Petroleum Refinery increased its PMS gantry price by N85, from N1,265 to N1,350 per litre.
Some consumers took to social media to express concern over the impact of rising fuel prices on household budgets, transport costs and businesses.
The renewed price pressure is particularly significant for an economy where petrol remains closely linked to transportation and the cost of moving goods and services.
