Petrol Prices Surge to N1,380/Litre Amid Global Tensions

On October 20, petrol's ex-depot price in Nigeria reached N1,380 per litre, exceeding the federal government's proposed ceiling of N1,350 per litre. This increase, recorded by PetroleumPrice.ng, was attributed to rising global crude oil prices, which were influenced by renewed tensions in the Middle East.

The Northwest region reported the highest price at N1,380 per litre, while Soroman and Aiteo followed with prices of N1,355 and N1,344 per litre, respectively. The price adjustments occurred after Brent crude briefly hit $110 per barrel on October 16, before settling at $109.86 per barrel.

The Nigerian government, through Finance and Coordinating Minister Taiwo Oyedele, had proposed a price-modulation framework to stabilize petrol prices, stating that refiners and importers would absorb costs above the limit. However, Clement Isong, Executive Secretary and CEO of the Major Energies Marketers Association of Nigeria, argued that price capping distorts market dynamics and does not address the underlying issues in the petroleum market.