Petrol Prices Near ₦1,400 Amid Middle East Crisis

Petrol prices in Nigeria are approaching ₦1,400 per liter as the ongoing crisis in the Middle East drives crude oil prices higher. Reports indicate that Brent crude rose from $105 per barrel on Monday to $118 on Wednesday.

The Dangote Petroleum Refinery has raised its petrol price from ₦1,200 to ₦1,275 per liter. Coastal supply prices have also increased to ₦1,215 per liter.

The Nigerian National Petroleum Company Limited (NNPCL) has set its official selling price at ₦37 for Nigerian crude grades. Billi Gilli Harri, President of the Petroleum Product Retail Outlet Owners Association of Nigeria (PETROAN), warned that petrol prices could exceed ₦1,500 per liter if the crisis persists.

The current pricing structure, based on international benchmarks, has been criticized for inflating costs and weakening local refiners. The article emphasizes the urgent need for government intervention to stabilize local refining and pricing structures.