Nigeria’s fuel market witnessed fresh tension today as petrol stations across Lagos and Abuja abruptly adjusted pump prices while some outlets shut their gates, reflecting the growing strain in the downstream petroleum supply chain.
Checks conducted today by Petroleumprice.ng correspondents across major fuel corridors show a sharp variation in pump prices, a clear sign that marketers are reacting quickly to rising depot costs and tightening supply.
Petrol stations within Lagos have hiked their prices significantly. At Iyana Ipaja and Festac, MRS stations were dispensing petrol at about ₦1,057 per litre, while around Ikeja, Mobil at Alen is dispensing PMS at ₦1,090.
Across the country the price increase is very visible as NNPCL in Sabo, Kaduna sells petrol at ₦1,035.
Across Lagos depots, the pressure is equally evident. Market monitoring shows that most ex-depot prices today are around ₦1,000 per litre, while Pinnacle was observed selling for ₦1,020 per litre for petrol. Outside Lagos, the situation appears even tighter, with major depots across other parts of the country selling at ₦1,050 per litre and above.
The tightening market has also forced some retail outlets to suspend operations. Observations today around the Bariga axis of Lagos revealed that several filling stations were closed, likely awaiting fresh supply or clearer pricing signals before reopening.
Industry analyst say the sharp rise in depot prices is now rapidly feeding into pump prices across the country. If wholesale petrol prices continue climbing at the current pace, analysts warn that more stations may either adjust their prices upward or temporarily halt sales in the coming days.