Nigeria's Petrol Prices Surge to N1,345 per Litre

Petrol prices in Nigeria have reached as high as N1,345 per litre, marking a significant increase from the previous range of N1,210 to N1,275 per litre recorded less than two weeks ago. This surge has raised concerns for motorists, transport operators, businesses, and households already grappling with high transportation and operating costs.

Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), linked the price hike to rising supply costs and geopolitical tensions, particularly the ongoing conflict involving Israel and Iran, which affects international oil prices. He noted that fluctuations in global crude oil markets directly influence petrol prices in Nigeria.

Conversely, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), emphasized that filling stations cannot sell petrol below their acquisition costs, which include financing and logistics. This situation could lead to increased transport fares and higher operational costs for businesses reliant on petrol-powered generators.