By Bunmi Aduloju, TheCable
PETROL PRICES in Nigeria have further risen to record levels, stoking fears of inflation as the conflict in the Middle East rages on.
On Monday, TheCable observed a broad-based uptick in petrol prices, with increases of up to N100 per litre in several areas.
In Lagos, prices at MRS filling stations in Festac and Ikorodu rose from N1,232 per litre to N1,332 per litre.
Similarly, TotalEnergies stations in Festac and along the Apapa/Oshodi Expressway increased their prices from N1,250 to N1,332 per litre, while the Abule Egba outlet adjusted its price to N1,329 per litre.
At NNPC retail outlets on Ago Palace Way and Apple Junction, petrol prices climbed from N1,230 to N1,330 per litre.
In Abuja, NNPC stations raised their prices from N1,260 to N1,361 per litre, while Shafa filling station, near the Dunamis Headquarters along Airport Road, increased its price to N1,370 per litre.
In Akure, Ondo state, PetroCam filling station at Shagari Village, along Irese Road, raised its price from N1,200 to N1,340 per litre.
The NNPC station in Kakuri also increased its price to N1,372 per litre.
In Ogun state, the SGR filling station in Mowe raised its price to N1,350 per litre, while the MRS station along Simawa Road adjusted its price to N1,338 per litre.
The pump price trajectory reflects the aggressive volatility in the global crude oil market since the conflict began in the Middle East.
The US-Iran war has disrupted global crude oil supply, with heightened tensions and security concerns forcing major shipping operators to suspend movements along key routes such as the Strait of Hormuz and the Suez Canal.
Since a significant share of the world’s oil passes through the trade corridors, the disruption triggered sharp increases in global crude prices.
On March 19, crude oil price rose to $114.08 per barrel — highest since May 2022.
Petrol prices in Nigeria have risen sharply since the war started, driving a corresponding increase in transport costs, which have doubled in many cases.
