Petrol prices have climbed to as high as ₦1,400 per litre in parts of Nigeria, triggering another round of increases in transport fares and adding to the cost of living for households and businesses.
The latest price hike follows a sharp increase in global crude oil prices, with Brent crude rising above $100 per barrelamid renewed geopolitical tensions in the Middle East, resulting in higher ex-depot and pump prices across the country.
Industry data showed that several petroleum depots in Lagos, Warri and Calabar adjusted their ex-depot prices upward. In Lagos, A.A. Rano increased its ex-depot price from ₦1,275 to ₦1,279 per litre, while African Terminal, Ascon, Gulf Treasure, Integrated and T.Time also raised their prices to ₦1,275 per litre. Emadeb was the only major depot to record a slight reduction, lowering its price from ₦1,278 to ₦1,274 per litre.
Dangote Refinery also resumed gantry loading of Premium Motor Spirit (PMS) in naira after a week-long suspension, increasing its ex-depot price from ₦1,075 to ₦1,215 per litre, representing a 13.02 per cent increase. The refinery had temporarily suspended naira-based sales after introducing a dollar-denominated pricing template, citing challenges in accessing sufficient crude oil under the Federal Government’s naira-for-crude arrangement.
The latest increase has sparked frustration among motorists and commuters, many of whom lamented that fuel marketers often raise pump prices quickly whenever crude oil prices increase but are slow to reduce them when global prices decline.
Industry analysts attributed the rising prices to higher international crude oil prices, exchange rate pressures and Nigeria’s deregulated downstream petroleum market. They noted that under the Petroleum Industry Act, petrol prices are largely determined by market forces, limiting the government’s ability to intervene directly.
Analysts also warned that Nigeria’s fuel market remains vulnerable to global oil price shocks and called for measures to strengthen domestic refining capacity and improve the implementation of the naira-for-crude policy.