A sudden surge in fuel prices has hit Lagos, with several petrol stations increasing the price of Premium Motor Spirit (PMS) to N930-N935 per litre.
This development comes on the heels of Dangote Refinery’s decision to temporarily halt the sale of petroleum products in Naira, following a breakdown in negotiations for the Naira-for-Crude deal.
First Royal Petrol Station, along College Road, Ogba, Lagos, was among the first to increase its price from N860 to N930 per litre.
Other filling stations, including AS Sallam Petroleum and MRS Oil, also raised their prices to N930 per litre. Mobil Petrol Station, however, increased its pump price to N935 per litre, up from N865.
The Naira-for-Crude deal, which commenced on October 1, 2024, allowed local refineries to purchase crude oil and sell refined petroleum products in Naira.
However, with the expiration of the initial contract at the end of March, Dangote Refinery has been forced to source crude oil from the international market, leading to the price hike.
This increase comes just over a month after the refinery reduced its petrol ex-depot price to N825 on February 26, which had led to a drop in PMS prices at filling stations.
The sudden price surge is expected to impact consumers and businesses across Lagos, with many expressing concerns over the rising cost of living.