Fuel Crisis Looms: Dangote, Depot Owners Raise Petrol Prices Across Nigeria

According to data from Petroleumprice.ng, the price of petrol at the Dangote Refinery rose from ₦825 to ₦840 per litre as of Monday.....KINDLY READ THE FULL STORY HERE▶

Meanwhile, Rainoil increased its price to ₦900 from ₦850. Fynefield and Mainland also raised their ex-depot prices to ₦930 and ₦920, reflecting hikes of ₦51 and ₦63 respectively.

Further data showed Sigmund pricing petrol at ₦920 per litre, Matrix Warri at ₦910, NIPCO increasing its rate to ₦895 from ₦827 last week, while Aiteo sold at ₦840.

These adjustments come amid a continued rise in international crude oil prices. On Tuesday, Brent crude was priced at $75.63 per barrel and West Texas Intermediate (WTI) at $74.03, according to Oilprice.com.

Reacting to the development, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, noted that any fluctuations in global oil markets directly impact the cost of refined products like petrol.

“Generally, any cost change in any element of the refining process will ultimately reflect in the final price,” he told Daily Post on Tuesday.

However, Festus Osifo of the Natural Gas Senior Staff Association of Nigeria accused oil marketers of exploiting Nigerians, suggesting that the fair pump price for petrol should range between ₦700 and ₦750 per litre.

Meanwhile, tanker drivers and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have called off their strike after protesting the Lagos State Government’s decision to increase the electronic truck call-up fee from ₦2,500 to ₦12,500.