fuel pump (3).webp
The Digest:

Fuel prices in Nigeria have jumped, nearing N1,000 per litre, prompting a blame game between petroleum product marketers and retailers. NNPCL outlets in Abuja, Kogi, and Nasarawa increased prices by N65, causing a nationwide fuel cost hike.


🔹 Key Points
  • NNPCL increased the pump price from N890 to N955 per litre.
  • Prices at other stations, including Ranoil and AA Rano, range from N950 to N971.
  • IPMAN and PETROAN blame exchange rates and Dangote Refinery’s pricing.
  • Brent and WTI crude prices dropped to $68.70 and $66.24 per barrel.
  • Demand and supply forces, including crude oil price and exchange rates, are cited as causes.
  • Dangote Refinery’s ex-depot prices contributed to the hike.
  • Experts criticize Dangote Refinery’s pricing mechanism.
Rising fuel prices continue to burden Nigerians, with many pointing to the interplay of exchange rates, crude prices, and refinery pricing mechanisms. The situation has raised concerns over the country’s oil sector stability.