Petrol marketers in Lagos have increased pump prices to between N925 and N935 per litre, citing rising landing costs and Dangote Refinery’s shift to non-naira sales ¹. The increase follows a N46 per litre rise in landing costs, which reached N843.28 per litre last Monday.
Filling stations like TotalEnergies and MRS have adjusted their prices accordingly, with TotalEnergies selling at N935 per litre and MRS at N925 per litre. The Major Energy Marketers Association of Nigeria (MEMAN) attributes the increased landing costs to higher international petroleum prices due to Europe’s transition to summer gasoline specifications and supply constraints.
The association noted that arbitrage flows into Europe are unprofitable, and stocks in the Amsterdam-Rotterdam-Antwerp (ARA) hub have decreased. Additionally, seasonal refinery maintenance in Europe and a fire at Italy’s Falconara refinery have contributed to supply tightness and price volatility.
While the foreign exchange rate has remained relatively stable, the association emphasized that landing costs, influenced by these factors, can fluctuate throughout the day.
The price hike has sparked concerns among motorists and commuters, who are already grappling with the economic challenges in the country.
In related news, petrol prices have also surged to N970 per litre in some parts of Lagos and its outskirts. The price hike has been linked to the recent announcement by Dangote Refinery that it would stop supplying petrol in naira due to the suspension of the naira for crude by the NNPC. However, the NNPC has denied halting the naira for crude, explaining that the contract for the sale of crude oil in naira was a six-month agreement that expired at the end of March 2025
