Petrol Prices Surge to N1,230 Amid Market Tensions

Petrol prices in Nigeria have reached N1,230 per litre, driven by Dangote's dollar sales and the ongoing crisis in Iran, which has affected global crude oil prices. The Independent Petroleum Marketers Association of Nigeria, represented by Vice President Ham Fashola, has expressed concerns over potential monopolistic practices that could undermine efforts to stabilize the downstream petroleum sector.

Dr. Billi Gilli, President of the Petroleum Association of Nigeria, emphasized that fuel prices should not be dictated by a single market player and called for a stable competitive price framework.

Despite reports of Dangote Refinery halting petrol loading, a spokesperson for the Dangote Group dismissed these claims as false. Current depot prices for petrol vary, with the highest reported at N1,245 per litre in Port Harcourt and the lowest at N1,185 per litre in Lagos.

The market continues to face challenges due to difficulties in sourcing dollars for petrol imports, leading to increased prices across various locations.