Petrol marketers in Lagos have raised pump prices to between N925 and N935 per litre due to increasing landing costs and supply challenges.

The price hike follows Dangote Refinery’s recent decision to halt naira sales of petro and ongoing delays in negotiations over the naira-for-crude policy. As of last Monday, the landing cost of petrol climbed to N843.28 per litre, up from N797 per litre two weeks earlier—an increase of N46 per litre.

At the weekend, major filling stations adjusted their pump prices accordingly. TotalEnergies stations sold petrol at N935 per litre, while MRS outlets set their price at N925 per litre.

The Major Energy Marketers Association of Nigeria (MEMAN) attributed the rising landing cost to shifts in international petroleum pricing. Their latest report highlights that the transition from winter to summer-specification gasoline in Europe has driven up costs. This seasonal shift typically comes at a premium, further tightening supply conditions.

Additionally, supply constraints have worsened as arbitrage flows into Europe remain unprofitable, leading to a depletion of stock levels at the Amsterdam-Rotterdam-Antwerp (ARA) hub, which has now hit a 12-week low.

As global market dynamics continue to influence petrol prices, Nigerian consumers are feeling the impact at the pump, with further fluctuations likely in the coming weeks.