Petrol Price Hike Looms as Global Crude Hits $70, Depots Adjust Nigeria Rates

The Nigeria downstream petroleum sector is facing another potential price increase as global crude oil prices hit $70 per barrel. Depot owners have already adjusted prices, with Dangote Refinery, AA Rano, Aiteo, Rainoil, and NIPCO all raising their prices to reflect the rising crude benchmark.

The increase in depot pricing comes as international crude oil markets show strong fundamentals, with Brent Crude reaching $70 per barrel. Experts warn that the cost of crude oil, exchange rate volatility, and rising refining costs could lead to further price adjustments in the coming days.

Unless crude prices stabilize, consumers in Nigeria may soon see higher prices at the pump. The hoped-for rollout of the Dangote Refinery has been delayed due to disagreements with petroleum marketers, further complicating the situation in the downstream sector.