Nigerian Petrol Prices Skyrocket Amid Rising International Crude Oil Costs
Petrol prices have surged in Nigeria, increasing to between N1,400 and N1,450 per litre. This is up from around N1,300 per litre just a few weeks ago.
The rise follows an upward adjustment of N85 by Dangote Refinery's gantry price to N1,350 per litre, marking the fourth increase since August 21.
This trend reflects a sustained increase in international crude oil prices, with Brent crude climbing above US$100 per barrel and reaching US$107 per barrel at the end of last week. Renewed tensions in the Middle East have driven this upward trend, as markets grow increasingly cautious about the risk of further supply disruptions amid tight global supplies.
Experts warn that if disruptions persist, oil prices could continue to rise over the coming weeks, with negative pass-through implications for domestic fuel prices and inflation.