Nigeria's Petrol Prices Surge Near N1,500 Per Litre

The Dangote Refinery has raised its PMS ex-gantry price from N1,265 to N1,350 per litre, marking a 6.7% increase and bringing petrol prices closer to the N1,500 per litre threshold in Nigeria. This adjustment has prompted major filling station operators to increase their prices, with motorists now paying between N1,395 and N1,460 per litre in various regions.

The rise in petrol prices is attributed to ongoing increases in crude oil prices and the costs associated with importing petroleum products. Brent crude oil prices reached a six-week high of $107 per barrel before settling at $104.

Retail outlets have adjusted their prices accordingly, with MRS raising its price from N1,350 to N1,395 per litre, NIPCO from N1,350 to N1,430, and Mobil from N1,350 to N1,400. In Kano, Aliko increased its price from N1,365 to N1,430, while Matrix raised its price from N1,365 to N1,460.

The situation has led to concerns about the widening gap between petrol costs and consumer purchasing power, particularly affecting households and businesses reliant on petrol for transportation and electricity generation.