Despite Dangote Petroleum Refinery lowering its gantry price from N1,275 to N1,200 per litre, petrol in Lagos continues to sell above N1,300 per litre.
Checks at major filling stations yesterday showed that MRS sold petrol at N1,300 per litre, while Mobil charged N1,330 per litre. The persistent high prices have also affected commuters, with fares on some routes nearly doubling. For instance, a trip from Ikorodu to Mile 12 now costs around N2,600, compared to about N1,500 before the recent petrol price surge.
The Dangote refinery continues to attract patronage from oil marketers, even as six local companies recently received petrol import licenses from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Colman Obasi, President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), said the refinery has the capacity to meet domestic demand and even export, emphasizing the need to support local refineries to conserve foreign exchange and boost national revenue.
Olatide Jeremiah, CEO of Petroleumprice.ng, noted that the refinery’s latest price adjustment strengthens its position as a market leader in Nigeria.
Global factors are also influencing petrol prices. Nigeria’s Bonny Light crude rose to about $110 per barrel from $100, driven by Middle East tensions. Analysts reported that Iran has recently allowed 10 tankers to pass through the Strait of Hormuz, potentially carrying Saudi crude, which may help stabilize global supply.
Petroleum economist Wumi Iledare explained that rising crude prices and exchange rate fluctuations are driving higher transport and food costs, affecting households and businesses nationwide. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), said Nigeria’s daily petrol demand of over 50 million litres still outpaces domestic refining capacity.
She urged targeted government support for key sectors, improved foreign exchange policies, and clearer market regulations to help stabilize prices.
Meanwhile, in the Middle East, Pope Leo XIV reminded the faithful that “God does not listen to the prayers of those who wage war,” calling for dialogue and ceasefire amid ongoing regional conflicts.
