Petrol pump prices have risen across parts of Lagos, Abuja and Ogun State following an ₦85 per litre increase in Dangote Petroleum Refinery's petrol gantry price, with retail prices now reaching ₦1,350 per litre in Lagos and ₦1,430 in Abuja.
The latest adjustment by the refinery moved its petrol gantry rate from ₦1,265 to ₦1,350 per litre, representing a 6.7 percent increase and taking its wholesale price above the current petrol landing cost of ₦1,311 per litre.
In Lagos, checks along Iyana-Iba Road showed FVB and Toluwalase filling stations selling petrol at ₦1,350 per litre, matching the new Dangote gantry rate.
The increase has also translated into higher pump prices in Abuja, although the extent of the adjustment differs among filling stations.
Checks by the News Agency of Nigeria (NAN) on Sunday showed that NIPCO in Abuja increased its pump price from ₦1,350 to ₦1,430 per litre.
Mobil also raised its price from ₦1,350 to ₦1,400 per litre, while MRS moved from ₦1,350 to ₦1,395 per litre.
The latest prices indicate that the impact of the refinery's wholesale adjustment is being reflected differently across locations, depending on existing inventories and replacement costs.
An attendant at an MRS outlet in Abuja, who requested anonymity, said the station was still selling existing stock at ₦1,395 per litre but expected the price of fresh supplies to be higher.
The attendant said the new price could take effect once the station begins selling stock purchased after the latest adjustment.
In Ogun State, checks in Abeokuta also showed variations in pump prices. Fatgbems outlets were selling at ₦1,385 per litre, while an NNPCL outlet was selling at ₦1,307 per litre.
The latest market movement comes amid a sharp rise in international crude prices. Brent crude was trading around $107.92 per barrel before rising to $108.21, increasing pressure on the cost of petroleum products and their replacement.
Higher crude prices can raise the cost of obtaining fresh supplies, particularly when combined with elevated international product costs and domestic wholesale adjustments.
Economist and development expert Aliyu Ilias warned that sustained petrol price increases could intensify inflationary pressure by raising transportation and production expenses.
He said the impact could spread to food prices and other essential goods as higher transport costs feed through supply chains.
Ilias called for measures that could help absorb part of the additional cost rather than allowing the entire burden to be passed on to consumers.
Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, also urged the government to protect consumers from sharp movements in global oil prices.
Lakemfa argued that Nigeria's position as a crude oil-producing country should support greater price stability through domestic refining, rather than leaving consumers exposed to international supply shocks.
He said imported petroleum products attract additional expenses, including freight, insurance and other logistics costs, which can ultimately increase the price paid by consumers.
Lakemfa also urged regulators to ensure that dominant players in the downstream market do not use their position to drive excessive price increases.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said filling stations had reviewed their pump prices following successive adjustments to Dangote's petrol price.
He said frequent changes in wholesale prices create uncertainty for operators because the cost of replacing existing stocks can change before the products are sold.
With petrol now selling at ₦1,350 per litre at some Lagos outlets and as high as ₦1,430 in Abuja, the direction of pump prices will largely depend on the cost of subsequent supplies and movements in the international crude market.