Petrol price rises to N1,450/litre in Abuja, N1,400 in Lagos amid Middle East tensions
The pump price of petrol has increased across several filling stations in Abuja, Lagos and Ibadan following fresh price adjustments amid heightened tensions in the Middle East.
Checks by TheCable on Sunday showed that some filling stations in the Federal Capital Territory increased their prices to as high as N1,450 per litre.
AY Shafa increased its pump price from N1,350 to N1,395 per litre, while Optima retail outlet raised its price from N1,360 to N1,450.
Empire filling station in Gwarinpa also increased its price from N1,370 to N1,450 per litre.
Mobil outlet in Kubwa raised its petrol price from N1,350 to N1,400 per litre.
The increases were also recorded in Lagos.
At Conoil in Ikorodu Garage, petrol was selling at N1,400 per litre on Sunday, up from N1,300 last week.
An NNPC filling station at Berger, Lagos, also increased its price from N1,299 to N1,380 per litre.
Bovas filling station in Berger adjusted its price from N1,280 to N1,400, while MRS in Okota increased its price from N1,310 to N1,395 per litre.
TotalEnergies in Okota raised its pump price from N1,325 to N1,385 per litre, while AP in Ogba increased its price from N1,295 to N1,380.
In Ibadan, Ocean Breeze filling station on Old Ife Road was selling petrol at N1,370 per litre, compared with N1,300 on Saturday.
The latest price adjustments came after oil marketers reportedly increased ex-depot prices, with Dangote Refinery raising its gantry price from N1,265 to N1,350 per litre.
The increase also followed a surge in international crude oil prices, which crossed $100 per barrel.
As of September 13, Brent crude was trading at $104 per barrel, while West Texas Intermediate was at $99 per barrel amid continued uncertainty over the conflict in the Middle East.
On September 12, Saudi Arabia issued emergency alerts in two areas after explosions were heard off the coast of Iran’s Qeshm Island in the Strait of Hormuz.
The development came amid heightened tensions in the Gulf, with Iran targeting oil tankers passing through the strategic waterway and US bases in Gulf countries in retaliation for US military strikes on Iranian targets.
The United States has also targeted ships attempting to break its counterblockade of Iranian ports.
The Strait of Hormuz, a major global oil shipping route, has faced heightened disruption amid the escalating conflict.
There have also been heightened regional tensions and a series of recent attacks on Saudi Arabia by Iran-backed Houthi fighters in Yemen.
On September 8, Saudi Arabia said attacks on several energy facilities in the southern region of the kingdom by Yemen’s Iran-aligned Houthis caused fires and forced a temporary halt to some operations.
The Houthis also attacked Abha, Khamis Mushait and Jazan with ballistic missiles and drones, reportedly wounding 73 people and prompting Riyadh to intensify airstrikes against Houthi positions in Yemen.
The developments have raised concerns over potential disruptions to global oil supplies, particularly through the Strait of Hormuz.
