The Digest:
Filling stations across Nigeria, including Empire Energy and Ranoil, have raised fuel prices following an increase in ex-depot rates set by Dangote Refinery and other depot owners. This price surge is driven by the impact of exchange rates and global crude oil prices.
Key Points:
- Empire Energy and Ranoil raised petrol prices to N935 and N970 per litre in Abuja.
- The price hike followed an increase in ex-depot prices from Dangote Refinery and other depot owners.
- Dangote Refinery's ex-depot price increased from N820 to N858 per litre.
- Other depot owners like NIPCO, Aiteo, and Ranoil also raised their ex-depot prices.
- The price rise is attributed to fluctuations in the exchange rate and global crude oil market prices.
- NNPC and MRS still offer lower prices at N890 and N885 per litre in Abuja.
- Global crude oil prices fell, with Brent and WTI futures trading at $69.67 and $67.33 respectively.
As ex-depot prices rise, Nigerian filling stations have adjusted pump prices, passing the cost increase to consumers. While some stations keep prices lower, the hike reflects ongoing pressure from exchange rates and the global oil market.
Sources: DAILY POST, oilprice.com
