Petrol Prices Rise Above N1,000 Per Litre In Lagos

Petrol price has moved up to above N1, 000 a liter in Lagos. In Abuja, the price of a litre has gone up to N1,010.

Check by our correspondent showed that IBWAS an independent marketing company in Ijegun area of Lagos is selling at N1040 per liter while AP within same vicinity is selling at N1030.

This is not unconnected with report that Dangote Petroleum Refinery has increased its petrol gantry price to N995 per litre, marking a sharp N221 rise within four days, amid volatility in global crude oil prices and shipping costs.

According to the report latest price adjustment followed recent shifts in global oil market fundamentals.

The new price represents an increase from N874 per litre, which itself was introduced earlier this week after the refinery raised its ex-depot price from N774 to N874 per litre.

With the latest revision, the refinery’s petrol price has moved up from N774 to N995 per litre within four days, which is about a N221 or 29 per cent increase over the period.

Petroleumprice.ng, confirmed that the new gantry price had already been updated on the portal, signalling a shift in domestic downstream pricing benchmarks.