Nigeria Faces Imminent Petrol Price Increase Amid Rising Costs

A potential increase in petrol prices in Nigeria is on the horizon as the estimated landing cost of Premium Motor Spirit (PMS) has surged to ₦1,311.36 per litre, according to the Major Energy Marketers Association of Nigeria (MEMAN). This figure is ₦46.36 above the ₦1,265 per litre gantry price set by Dangote Petroleum Refinery.

The rise in petrol costs is attributed to Brent crude oil prices, which climbed to approximately $107 per barrel, up from around $100 the previous day. The increase in international oil prices is exerting pressure on domestic fuel prices, prompting concerns that marketers and refiners may soon adjust their pump prices.

The latest MEMAN report indicates a ₦95.02 rise from the previous 30-day average landing cost of ₦1,216.34 per litre. In various regions of Nigeria, petrol is currently being sold for ₦1,310 or more per litre, a significant increase from about ₦830 prior to the recent escalation in oil prices, largely due to disruptions in global oil supplies linked to ongoing conflicts involving the United States and Iran.