Fuel prices in Nigeria have risen to ₦1,150 per litre after Dangote Refinery's ex-depot hike. Independent marketers cite increased crude costs and logistics as major factors. Abuja stations adjusted prices to ₦1,155, while NNPCL outlets remain at ₦965. Further price revisions are expected amid ongoing market changes.
The petrol price in Nigeria has surged to ₦1,030 and ₦1,150 per litre, following an ex-depot price hike by the Dangote Refinery. This development comes after the refinery raised prices from ₦899 to ₦955 per litre for purchases of less than five million litres, with a slightly lower rate for larger volumes.
Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, explained that the increase reflects higher crude oil prices and associated logistics costs. Fuel may now sell for as high as ₦1,150 per litre in far-flung areas. Meanwhile, major cities closer to depots are seeing prices around ₦1,100.
Billy Gillis-Harry, president of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), noted that while some retailers still adhere to prior agreements to sell at ₦935, adjustments are expected across the board. He stressed that operational costs like logistics will ultimately determine the final retail price.
In Abuja, several filling stations have already increased prices by at least ₦50, with rates now between ₦1,040 and ₦1,155 per litre. However, Nigerian National Petroleum Company Limited (NNPCL) outlets are reportedly maintaining a price of ₦965 per litre for now.
This price hike follows global crude oil prices reaching $81 per barrel, adding further strain to the local market. Observers expect more adjustments in the coming weeks, as industry stakeholders recalibrate pricing strategies to reflect these changes.
