Petrol Prices Surge Above N1,300/Litre Amid Crude Rise

Petrol depot prices in Nigeria have risen to between N1,300 and N1,310 per litre, up from N1,265 to N1,275 per litre, following recent increases by depot owners. Matrix Warri and Optima depots have adjusted their prices to N1,300, N1,310, and N1,305 per litre, respectively.

This increase of N25 to N35 per litre adds pressure on filling stations and consumers. The rise in depot prices follows an earlier adjustment by a refinery that raised its gantry price to N1,265 per litre.

The current situation is exacerbated by rising international crude oil prices, nearing $100 per barrel, which could further inflate domestic fuel prices. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have urged government intervention to address supply and distribution challenges.

If filling stations adjust their retail prices accordingly, motorists may soon face higher costs for petrol, impacting transport fares and overall living expenses.