Petrol, cooking gas, and diesel prices have risen sharply across Nigeria in recent weeks, with pump prices in Lagos climbing to between ₦1,350 and ₦1,400 per litre. The increase is being felt across household budgets and business operating costs alike, from transport fares to manufacturing input costs, adding fresh pressure to an already strained cost-of-living environment. The rise comes even as global crude prices have eased in recent days, pointing to domestic supply and distribution factors — rather than international oil markets alone — as a key driver of the local price movement. Analysts note that continued volatility at the pump complicates the inflation outlook just as other indicators, such as the naira's relative stability and a widening current account surplus, had pointed toward some easing of macroeconomic pressure.
