Nigerians Face Fuel Price Hikes Amid Market Volatility

Nigerians are facing increased fuel prices as Dangote Refinery raised its petrol ex-depot rate by ₦121 to ₦874.99 per litre amid ongoing volatility in the global crude oil market. Following this adjustment, major filling stations in Abuja quickly revised their pump prices, with surveys indicating petrol is now sold for ₦1,100 per litre, marking a significant jump from earlier prices.

The Nigerian National Petroleum Company Limited (NNPCL) also raised its price from ₦960 to ₦967 per litre, following a prior hike from ₦875 to ₦960. This price surge has already begun to affect transport costs, with fares increasing in Ibadan and surrounding communities, where petrol prices have climbed to between ₦1,020 and ₦1,080 per litre.

Commuters are experiencing fare hikes as transport operators adjust to rising fuel costs. Georg En Ita, a spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, explained that these price variations are market-driven and not due to regulatory interference, as Nigeria operates under a fully deregulated downstream petroleum regime.