Petrol prices in Lagos have surged to N930 per litre at several filling stations, with some locations selling as high as N935. This increase follows Dangote refinery’s decision to halt the sale of petroleum products in naira after negotiations for a naira-for-crude deal with the federal government broke down. Stations such as First Royal, AS Sallam Petroleum, and MRS Oil have raised their prices from N860 to N930, while Mobil at Abeokuta bus-stop, Ogba, adjusted its price from N865 to N935.
The naira-for-crude agreement, initiated in October 2024 to stabilize fuel prices and ease pressure on the local currency, expired at the end of March without a renewed contract. This has forced Dangote refinery to source crude oil on the international market, exposing local fuel pricing to exchange rate fluctuations. The hike comes just weeks after Dangote refinery reduced its petrol ex-depot price to N825 in February, a move that previously contributed to lower fuel costs at filling stations.