Nigerian filling stations and depot owners have increased their retail petrol pump and ex-depot prices for the second time in less than a week, amid growing uncertainty in the country’s downstream petroleum sector.
A market survey conducted by DAILY POST on Monday night showed that Empire Filling Station, Ranoil Filling Station and several other retail outlets in Abuja raised petrol prices to between N1,275 and N1,280 per litre, from N1,220 per litre.
The latest adjustment represents an increase of between N55 and N60 per litre for motorists.
Depot owners have also reviewed their prices upward. MAO, Gulf Treasure, T.Time and NorthWest depots increased their ex-depot prices to between N1,249 and N1,270 per litre, compared to previous rates as low as N1,187 per litre.
The latest hike comes despite Dangote Refinery maintaining that its petrol gantry price remains unchanged at $0.779 per litre following the resumption of refined petroleum product sales in US dollars.
DAILY POST reports that the renewed increase in fuel prices has been attributed to uncertainty in Nigeria’s downstream oil market, with marketers adjusting prices in response to changing supply dynamics.
The development also coincides with a fresh rally in the international oil market. As of Monday night, West Texas Intermediate (WTI) crude traded at about $82 per barrel, while Brent crude rose to $88 per barrel, driven by heightened geopolitical tensions in the Middle East.
The sustained rise in global crude oil prices has continued to fuel concerns over the cost of petroleum products in Nigeria, with industry stakeholders closely monitoring further developments in the international energy market.
