Filling Stations Adjust Upward Pump Prices Of Petrol As Crude Prices Rise

BY CHIKA IZUORA, ANDREW OJEIZEl, OLAMIDE OJUOKAIYE, Lagos

Most filling stations in Lagos at the early hours of Tuesday shut their door against motorists as they adjust pump prices of petrol.

The action led to long queues at most outlets while commuters were left stranded at bus stops.

A visit to three filling stations, namely AP, the only one that is currently still selling is N930 while the rest have closed shops. But GOA Energy is at N920 but it has also shut its gate. All above stations are located in Magboro area of Ogun State.

Presently, in the NNPC Filling station along Abibu Oki, Marina, Lagos, motorists are queuing to buy products as some stated that they don’t know if there is about to be scarcity or the normal adjustment of prices.
However, findings reveal that the price per litre of PMS is N932 against what was sold for yesterday which was N837.

The same prices are maintained in NNPC visited while some other filling stations visited are not selling as of the time of making the checks.
At Northwest in Maryland, the price has moved up to N940 per liter.

Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has once again emphasized the urgent need to consolidate and strengthen Nigeria’s domestic refineries through the provision of adequate and consistent crude oil supply.

This proactive approach is essential to minimizing the impact of external geopolitical shocks on the nation’s petroleum market.

The National President of PETROAN, Dr. Billy Gillis-Harry, expressed deep concern over the ongoing military escalation involving the United States, Iran, Israel, and allied nations, and its far-reaching implications for the global energy industry, particularly Nigeria’s petroleum sector.

According to him, recent geopolitical tensions have significantly disrupted global energy markets and supply chains.

Hostilities in the Middle East, especially around the strategic Strait of Hormuz, through which approximately 20 percent of the world’s crude oil supply passes daily, have triggered sharp volatility in international oil prices and heightened uncertainty regarding supply continuity.

As the conflict intensifies, global crude oil benchmarks have surged, with analysts projecting that prices could exceed USD 100 per barrel if disruptions persist. This upward trend reflects growing concerns over potential supply shortages should shipping activities through the Strait of Hormuz remain restricted.

PETROAN notes that any sustained increase in crude oil prices will inevitably be reflected at petroleum retail outlets across Nigeria.

If the crisis continues, the impact will extend beyond pump prices to affect foreign exchange stability, domestic fuel pricing structures, and overall inflation levels within the country.

Position and Call to Action
In view of these developments, PETROAN calls for urgent and strategic actions to safeguard Nigeria’s energy security:

Encourage and prioritize local refineries by ensuring steady crude oil supply and creating enabling policies that support optimal operations.

Sustain and strengthen the Naira-for-Crude policy to reduce pressure on foreign exchange and stabilize domestic fuel pricing.

Urgently revamp the four government-owned refineries to restore them to full operational capacity and reduce dependence on imported petroleum products.

Monitor global market developments and respond proactively to emerging risks.
Advocate policies that strengthen domestic refining capacity and reduce reliance on imports.
Support measures aimed at shielding consumers from excessive fuel price shocks.
Encourage sustained investment in Nigeria’s petroleum infrastructure to guarantee long-term energy security and stability.

PETROAN strongly emphasizes the need for diplomatic engagement and peaceful resolution in energy-producing regions to safeguard global petroleum supply chains and protect Nigeria’s national economic interests.