Petrol prices have surged across major cities in Nigeria as filling stations in Abuja, Lagos, and Ibadan adjusted their pump prices upward, citing rising crude oil costs triggered by heightened tensions in the Middle East.
According to TheCable on Sunday , it was revealed that several stations in the Federal Capital Territory raised prices to as high as N1,400 per litre. AY Shafa increased its pump price from N1,350 to N1,395 per litre, while Optima retail outlet adjusted from N1,360 to N1,450 per litre. Similar increases were observed in Lagos and Ibadan, with many stations now selling between N1,400 and N1,450 per litre.
The latest hike comes amid global oil market volatility linked to the Middle East crisis, which has pushed up crude prices and raised the cost of petroleum product imports. Marketers say the adjustment reflects higher landing costs and supply chain pressures, leaving consumers to bear the burden at the pumps.
The development is expected to further strain household budgets and transportation costs nationwide. With fuel being a key driver of inflation, analysts warn that sustained high prices could deepen cost-of-living pressures unless supply stabilizes or government intervention is introduced.
