Fuel prices in Nigeria may rise again as four depots increase diesel and petrol prices amid crude oil hitting $67.50 per barrel. Depot rates now exceed ₦1,050/litre for diesel and ₦869/litre for petrol. PDP rejects the ₦108 ex-depot rate, calling for a ₦70 pump price instead.
- Depot price of diesel hits ₦1,050/litre (Chisco, Chipet)
- Petrol now ₦869/litre at Master Energy
- Bonny Light crude rises to $67.50/barrel
- PDP rejects ₦108 depot rate, wants ₦70 pump price
- NBS: Petrol pump price rose 76.7% YoY in April
The pressure is mounting at the pumps. With global oil prices creeping up and local import volumes shrinking, depot owners are adjusting prices upward. Diesel is already over ₦1,050/litre in some locations, while petrol is nearing ₦870/litre. The PDP’s call for a ₦70 pump price sounds idealistic as market forces override political pressure. Unless FX stabilises and supply improves, this may be just the beginning of another fuel crisis.
