Nigeria's Fuel Prices Rise to N1,270 Amid Supply Issues

Fuel prices in Nigeria have surged by N50 per liter, now averaging N1,270, due to a sharp rise in wholesale depot prices, which have reached N1,270 per liter. This increase comes amid ongoing supply disruptions at Dangote Petroleum Refinery and a rise in international crude oil prices, which have exceeded $90 per barrel.

The price adjustment reflects a 4.2% increase within a week, with market sources indicating that the disruptions have led to heightened truck traffic around depot corridors. Major private depots in Lagos, Port Harcourt, Warri, and Calabar have adjusted their prices, with Lagos adopting a benchmark of N1,250 per liter.

Akinrinade Akinad, former chairman of IPMAN, has advised the federal government to intervene in the pricing arrangements to stabilize the market. The situation is compounded by geopolitical tensions in the Middle East affecting oil supply chains.