The pump price of petrol is nearing N1,400 per litre in many parts of Nigeria as the US-Iran conflict persists and the United Arab Emirates exits OPEC. Brent crude jumped from 105to105to118 per barrel between Monday and Wednesday, prompting Dangote Refinery to raise its gantry price from N1,200 to N1,275 per litre. The Nigerian National Petroleum Company Limited also raised official selling prices for all 37 Nigerian crude grades for May-loading cargoes, hiking Bonny Light by $6.13 per barrel. Retailers in Lagos and Ogun now sell between N1,315 and N1,350, while northern locations approach N1,400 per litre.
Key Points
- Nigerian motorists face higher fuel costs as global crude prices surge.
- Transport fares and food prices will likely rise following the petrol hike.
- Dangote refinery's price increase directly impacts consumers nationwide.
- The Federal Government benefits from higher crude prices but offers no relief to citizens.
- PETROAN warns prices could exceed N1,500 if the Middle East crisis continues.
Watch whether the US-Iran conflict de-escalates and if the Federal Government introduces measures to cushion the impact of rising fuel prices.
Sources: The Punch
