Petrol prices in parts of Lagos have climbed to as high as ₦1,080 per litre following a recent hike in the ex-depot price by Dangote Refinery and rising crude oil costs on the international market driven by Middle East tensions.
A market survey conducted by Daily Trust on Saturday, March 7, 2026, across various filling stations in Lagos revealed pump prices ranging from ₦1,020 to ₦1,080 per litre, depending on location and operator.
The increase stems from Dangote Refinery’s adjustment of its ex-depot price to ₦995 per litre from ₦874, a direct response to escalating global crude prices.
As of the report’s filing, Brent crude was trading at approximately $92.69 per barrel, fueled by concerns over potential supply disruptions from ongoing hostilities involving the United States, Israel, and Iran.
Energy analysts have warned that continued upward pressure on crude could push domestic petrol prices even higher, potentially nearing ₦1,100 per litre in the coming days if the trend persists.
Checks at several stations confirmed that many have already updated their pump prices to align with the new ex-depot rate.
Similar increases have been reported in other cities, with petrol selling for as much as ₦1,200 per litre in some areas of Ibadan.
The latest surge adds to the financial strain on Nigerian motorists and households, who have faced repeated fuel price hikes since the removal of petrol subsidies in 2023.
The situation is compounded by persistent geopolitical uncertainties in oil-producing regions, which continue to influence global energy markets.
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