By Bolu Adewale
Several filling stations in Lagos and parts of Ogun State have adjusted their pump prices upward, following a rise in global crude oil prices, leading to temporary closures of some outlets and long queues at others.
A visit to select retail outlets in the Magboro area of Ogun State showed petrol selling between N920 and N930 per litre, while some stations temporarily shut operations to effect price changes.
In Lagos, stations along Marina and Maryland recorded prices ranging from N932 to N940 per litre, compared to about N837 per litre sold the previous day.
At outlets operated by the Nigerian National Petroleum Company Limited, motorists queued amid uncertainty over whether the development signals a looming supply shortage or routine market adjustment under the deregulated regime.
Industry stakeholders attribute the upward review to volatility in the international oil market.
The Petroleum Products Retail Outlets Owners Association of Nigeria has raised concerns over escalating geopolitical tensions in the Middle East, particularly around the Strait of Hormuz, a major global oil transit route.
The association noted that sustained disruptions could push crude prices above 100 dollars per barrel, with direct implications for domestic pump prices.
PETROAN President, Dr. Billy Gillis-Harry, emphasized the need for urgent measures to strengthen Nigeria’s energy security.
He called for consistent crude supply to domestic refineries, sustained implementation of the naira-for-crude policy, rehabilitation of government-owned refineries, and proactive monitoring of global energy market developments.
Policy analysts note that while Nigeria operates a deregulated downstream sector, external shocks continue to influence domestic pricing.
They stress that expanding local refining capacity and improving supply chain resilience remain critical to cushioning consumers against persistent global price volatility.
