Petrol prices have risen for the second time in less than a week, with filling stations and depot owners across Nigeria implementing fresh increases amid mounting uncertainty in the downstream petroleum sector.
A market survey conducted on Monday showed that Empire Filling Station, Ranoil Filling Station, and several other retail outlets in Abuja have adjusted their pump prices to between N1,275 and N1,280 per litre, up from N1,220 per litre. The latest adjustment represents an increase of N55 to N60 per litre.
Depot owners have also revised their ex-depot prices upward. Major depots, including MAO, Gulf Treasure, T.Time, and NorthWest, are now selling petrol at between N1,249 and N1,270 per litre, compared to previous prices as low as N1,187 per litre.
Despite the widespread price hikes, Dangote Refinery has maintained that its petrol gantry price remains $0.779 per litre, following the resumption of refined petroleum product sales in U.S. dollars.
The latest increase is being attributed to growing uncertainty in Nigeria’s downstream oil market, with industry operators reacting to changing market conditions.
The development also coincides with a fresh rally in global crude oil prices. As of Monday night, West Texas Intermediate (WTI) crude traded at about $82 per barrel, while Brent crude climbed to approximately $88 per barrel, driven by escalating geopolitical tensions in the Middle East.
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