Petrol prices may reach N1,000 as crude oil surges
Premium Motor Spirit (petrol) prices in Nigeria may soon hit N1,000 per litre, according to fuel marketers. The recent spike in global crude oil prices, which have crossed $70 per barrel, is driving up the cost of both imported and locally-produced petrol. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, warns that unless crude oil prices drop, petrol prices will continue to rise. The Dangote Petroleum Refinery has also increased its petrol prices, further impacting the market.
TLDR
- Fuel marketers say petrol could reach N1,000 per litre if crude oil prices stay high.
- The Dangote Petroleum Refinery raised petrol prices from N739 to N839 and increased its gantry price from N699 to N799 per litre.
- Brent crude prices rose above $70 per barrel, the highest in five months, affecting global petrol pricing.
- Chinedu Ukadike notes that rising crude prices are limiting marketers' purchasing power and slowing sales.
- The Dangote refinery claims it can supply 75 million litres of petrol daily, exceeding Nigeria’s estimated consumption, aiming to stabilize the market and reduce import reliance.
