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Commodities

Nigeria's Petrol Prices Soar Amid Global Oil Price Surge

Guavy AI Editorial Team
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Oil
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has acknowledged the financial strain caused by the recent increase in petrol prices. The authority said it is aware of the impact on households, transport workers, and businesses across the country.

The latest price hike was triggered by an N85 adjustment in the gantry price of petrol by Dangote Petroleum Refinery, from N1,265 to N1,350 per litre, amid a surge in international crude oil prices. Brent crude, the international benchmark relevant to Nigeria's oil market, closed at $104.87 per barrel on Friday.

The NMDPRA said it remains committed to ensuring that consumers are protected within the framework of Nigeria's deregulated petroleum market. The authority stressed that deregulation does not exempt petroleum operators from regulatory compliance or fair-trade standards.

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