Residents and motorists across the Amuwo-Odofin axis, including Festac Town, Satellite Town and Mile 2, are beginning to feel the impact of another surge in petrol prices as pump prices climb close to ₦1,000 per litre in parts of Lagos.
Recent market checks across several filling stations in Lagos show petrol now selling between ₦934 and ₦991 per litre, a sharp increase from the previous range of about ₦820 to ₦835 per litre recorded earlier.
The new pricing trend follows an increase in the fuel gantry price by the Dangote Petroleum Refinery, which reportedly moved from ₦774 to ₦875 per litre, representing a hike of about ₦101 per litre.
Across Lagos, stations in areas such as Festac, Oshodi, Mushin, Yaba, Ikorodu, Ikeja, Agege, Lekki, Victoria Island, Okokomaiko and Iyana-Ipaja have adjusted their pump prices in line with the new supply cost.
Motorists in the Festac and Mile 2 corridor say the development is already affecting their daily transportation costs, with some commercial drivers warning that fares may increase if the price surge continues.
Transport operators along the Lagos-Badagry Expressway corridor, which serves thousands of commuters from Satellite Town, Festac, Mile 2 and surrounding communities, say fuel cost remains the biggest factor driving transport fare adjustments.
The increase in petrol prices is believed to be linked to rising global oil prices following escalating geopolitical tensions in the Middle East. Reports indicate that crude oil benchmarks surged by about seven percent after recent military strikes involving the United States, Israel and Iran raised fears of disruptions to global oil supply routes.
According to international market data, Brent crude futures climbed to around $83.44 per barrel, while U.S. West Texas Intermediate rose to about $76.26 per barrel, both hitting their highest levels in several months.
Analysts say continued instability in major oil-producing regions could push global crude prices higher, which may in turn influence fuel pricing in Nigeria.
For residents of Amuwo-Odofin, the ripple effect is already being felt at the pump and on the road, as commuters brace for potential increases in transportation fares across the Festac, Mile 2 and Satellite Town routes.