Nigerian Petrol Prices May Increase by N200 per Liter, Warns Expert

Journalist Dave Ibemer, with extensive knowledge of the Nigerian economy and stock market trends, predicts a possible N200 per liter increase in petrol pump prices in Nigeria. This projection follows a recent rise in global crude oil prices, with the market price reaching between N750 to N850 per liter.

The increase was triggered by Dangote Petroleum Refinery adjusting its retail prices to N739 to N839 per liter, prompting several filling stations nationwide to raise their pump prices. Data from January 23 to 30 shows that the average import price of petrol stood at N728.88 per liter when crude oil prices averaged $65 per barrel.

Chinedu Ukadik, the National Public Secretary of the Independent Petroleum Marketers Association of Nigeria, warns that sustained rises in crude oil prices will inevitably affect petrol pump prices across the country. Olatid Jeremiah, the CEO of Petroleumpric NG, highlights that the continuous rise in crude oil prices significantly impacts both depot and retail prices, potentially leading to petrol being sold at N1,000 per liter, especially in locations far from refineries.

Despite this, Dangote Petroleum Refinery reassures its capacity to meet Nigeria's fuel demand, supplying 75 million liters of petrol daily against an estimated demand of 14-20 million liters, thereby enhancing market stability and reducing reliance on imports.