Nigeria's Fuel Prices Under Pressure as Global Crude Oil Prices Plummet

Nigeria's refiners and depot owners are under pressure to reduce fuel prices following a decline in global crude oil prices. Brent and West Texas Intermediate, WTI, crude blends dropped to $88.10 and $83.40 per barrel, respectively.

The downward movement in crude oil prices puts the Dangote Refinery and depot owners under pressure to cut fuel prices, which increased last week. Between August 21 and 29, Dangote Refinery raised its gantry petrol price by N100 to N1,265 per litre.

Similarly, depot owners such as Soroman, Bono, Aiteo, Techno Oil, Optima and others increased their petrol ex-depot prices to between N1,200 and N1,215 per litre as of the time of reporting. Currently, MRS, the Nigerian National Petroleum Company Limited, NNPCL and other Nigerian filling stations sell petrol at between N1,230 and N1,275 per litre in Abuja and its environs.