Fuel Prices Surge in Nigeria Amid Market Volatility

Over the past two weeks, the price of Premium Motor Spirit (PMS) in Nigeria has increased, with petrol pump prices rising from between N1,155 and N1,205 per litre to between N1,300 and N1,335 per litre in Abuja and surrounding areas. This represents an increase of between N95 and N185 per litre.

The price hikes are linked to actions taken by Dangote Refinery, depot owners, marketers, and the Nigerian National Petroleum Company (NNPC) Limited, who have raised their fuel prices multiple times during this period. Notably, Dangote Refinery had suspended the sale of refined petroleum products in naira on July 15 but resumed sales on July 22.

The domestic downstream oil sector in Nigeria is facing uncertainty, exacerbated by global crude oil price volatility, with prices reported at $89 for West Texas Intermediate and $96 for Brent crude amid ongoing tensions in the Middle East involving Iran, the United States, and Israel.