Petrol Price Hike Looms as Depot Prices Surge with Rising Global Crude

Downstream petroleum sector in Nigeria is bracing for a fuel price increase as global crude prices surge. Depot prices for petrol have risen, with MATRIX selling at N822 per litre and Rainoil at N840 per litre.

NIPCO started selling petrol at N830 per litre, while Calabar depot stopped selling, indicating a tight market and imminent price hike. Global crude oil prices have increased, with Brent Crude at $68 per barrel and WTI at $66 per barrel.

Experts predict that if crude prices continue to rise, depot operators may adjust prices upwards, affecting retail pump prices. The recent price war initiated by Dangote Refinery, slashing petrol prices to N820 per litre, has intensified competition in the market.

Consumers in Nigeria may soon face higher fuel costs unless crude prices stabilize.