Petrol prices in Nigeria are set to rise as depot prices for petrol and diesel increase due to a surge in Brent crude oil prices. Major depots have raised petrol prices to between N950 and N960 per litre. The hike is expected to affect the cost of goods and services.
A price increase for petrol seems imminent as depot prices for both petrol and diesel have risen across Nigeria. On Monday, key depots, including Swift, Wosbab, Sahara, and Shellplux, raised petrol prices to between N950 and N960 per litre, up from last week's range of N907 to N912. Diesel prices also spiked, with some depots, including Matrix Warri and Nipco, increasing rates by N72 to N100 per litre.
The surge in petrol prices follows a recent increase in the international price of crude oil, with Brent crude reaching $79.76 per barrel on Sunday. This has prompted a rise in the landing cost of petrol, which had been N887.51 per litre in December 2024. Despite a reduction in petrol prices in previous weeks, Nigerians are now faced with the prospect of higher fuel prices. This price hike will likely affect the cost of goods and services already under pressure from inflation. With retail petrol prices currently ranging from N935 to N1,100 per litre, the looming increase could have a significant impact on the economy.
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