Fuel Prices in Nigeria Rise Amid Middle East Tensions

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that fluctuations in fuel prices are a direct result of market dynamics rather than regulatory interference. NMDPRA spokesperson Georg En Ita explained that the recent increase in fuel pump prices is linked to ongoing conflicts in the Middle East, which have escalated supply and demand conditions.

As of March 3, reports indicate that the Nigerian National Petroleum Company Limited (NNPCL) has raised the pump price of Premium Motor Spirit (PMS) at its retail outlets in Abuja. This increase follows a surge in global crude oil prices, driven by geopolitical tensions, including conflicts involving Iran and Israel.

Additionally, Dangote Petroleum Refinery has raised its ex-depot price to N874 per liter, reflecting the rising costs. Billi Gilli Harri, representing the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN), warned that ongoing conflicts could further push oil prices higher.