Petrol Prices Exceed N1,400/Litre Amid Crude Surge

Petrol prices in Nigeria have risen significantly, with retail outlets now selling Premium Motor Spirit (PMS) between N1,400 and N1,450 per litre. As of Sunday, filling stations in Lagos were dispensing petrol at prices ranging from N1,400 to N1,430 per litre, while MRS stations sold at N1,395 per litre.

In Abuja, prices ranged from N1,400 to N1,450 per litre. This increase follows a surge in international crude oil prices, with Brent crude surpassing $100 per barrel and reaching $107 per barrel on Thursday.

The rise in crude prices has led to higher costs for domestic refiners and fuel importers, prompting adjustments in petrol prices. Concerns have been raised among consumers about the possibility of further price increases.

Notably, Dangote Petroleum Refinery and Petrochemicals indicated that its pricing model is not directly tied to daily fluctuations in international crude oil prices. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) stated that petrol pricing is fully deregulated and influenced by market forces, including crude oil sourcing costs and logistics expenses.