Several petrol stations in Lagos adjusted their pump prices for Premium Motor Spirit (PMS) on Monday following an increase in the ex-depot price driven by recent spikes in international crude oil prices.

Dangote Refinery Explains Price HikeOn Sunday, Dangote Refinery clarified the reason for the upward adjustment in fuel prices, attributing it to the volatile nature of global crude oil markets.

“Since crude remains the primary input in the production of PMS, any fluctuation in its international price inevitably impacts the cost of the finished product,” a statement from the refinery explained.

The refinery disclosed that its partners, including Ardova, Heyden, and MRS Holdings, would retail petrol at ₦970 per litre across the country.

Filling Stations Adjust PricesA survey on Monday revealed that several stations, including MRS outlets, had adjusted their pump price to ₦970 per litre.

Meanwhile, Nigerian National Petroleum Company Limited (NNPCL) stations in Lagos retained a lower price of ₦925 per litre, drawing significant patronage.

Long Queues at NNPCL Stations

NNPCL stations along Ikorodu Road, including one at Fadeyi, saw long queues, while some outlets, such as those in Ojodu Berger, were not dispensing fuel.

Motorist Segun Joshua, waiting at one of the stations, commented, “Only NNPCL is selling at the lowest price at the moment, hence the queues in most of their stations.”

Despite the price difference, some MRS stations, including one on Ahmadu Bello Way in Victoria Island, also experienced heavy traffic, indicating high demand amid the price adjustments.