Petrol prices surge as calls grow for naira-based crude supply
Petrol prices have climbed sharply at filling stations across Nigeria, with some locations now selling for as much as N975 per litre. The spike follows rising global oil prices and heightened tensions in the Middle East, which have disrupted supply chains and driven up costs. Industry groups, including the Petroleum Products Retail Outlet Owners Association of Nigeria and the Crude Oil Refineries Association of Nigeria, are urging the Federal Government to expand the Naira-for-Crude policy and prioritise crude supply to local refineries. They argue that these measures are critical to stabilising domestic fuel prices and shielding consumers from further shocks.
TLDR
- Petrol prices at some Nigerian stations have risen to between N930 and N975 per litre, with Abuja stations reaching the highest rates.
- Oil marketers and refinery operators are calling for more crude oil to be supplied to the Dangote Petroleum Refinery in naira to help control domestic prices.
- The Petroleum Products Retail Outlet Owners Association of Nigeria and Crude Oil Refineries Association of Nigeria both stress the need to strengthen and expand the Naira-for-Crude policy.
- Global oil prices have surged due to escalating tensions in the Middle East, leading to supply disruptions and refinery shutdowns in key producing countries.
- Experts warn that if global prices remain high, Nigerian pump prices could cross N1,000 per litre, intensifying inflation and economic strain for households and businesses.
