Petrol Prices Set To Increase Again, 3 Events Identified As Major Causes

Petrol prices are expected to increase again, with three major events identified as the main causes. Market watchers predict a new fuel price hike due to a rise in crude oil prices on Monday, following expectations of supply disruptions and potential sanctions on Russia.

The Nigerian National Petroleum Company Limited and Dangote refinery partner filling stations are currently selling petrol at an average of N865 per litre, with prices in Lagos and Abuja ranging from N880 to N910. Independent Petroleum Marketers Association of Nigeria's Public Relations Officer, Chinedu Ukadike, explained that the price change is a result of market deregulation, influenced by factors such as crude oil prices, exchange rates, supply costs, and more.

Despite the pain of rising fuel prices, higher crude oil prices could mean increased revenue for the Nigerian government. MEMAN also revealed that Nigerians pay less for petrol compared to many West African countries, with an average price of N870 per litre.