Nigeria’s petrol market is facing another possible pump-price increase after international crude benchmarks rose above $105 a barrel, adding pressure to refiners, depot operators, marketers and retailers.
Key takeaways
- Brent crude was priced at $105.5 a barrel on Friday, while WTI stood at $100.8.
- Brent had briefly reached $107 a barrel the previous day before retreating.
- Petrol was selling for between N1,310 and N1,350 per litre at several Abuja stations.
- PETROAN president Billy Gillis-Harry said higher prices were expected across Nigeria.
- Dangote Refinery’s gantry rate and other ex-depot prices were listed at N1,265-N1,275 per litre.
Crude rally raises pressure on Nigerian fuel prices
A market check on Friday put Brent crude at $105.5 per barrel and West Texas Intermediate at $100.8. Brent had climbed as high as $107 on Thursday, although it later eased to Friday’s level.
The surge has followed retaliatory strikes against tankers involving the United States and Iran, as both sides contest influence around the Strait of Hormuz. The six-month conflict involving the US, Israel and Iran has sharply lifted energy costs internationally, with Nigeria also affected.
Domestic fuel suppliers have already responded to the global market move. During the past several weeks, depot owners, Dangote Refinery and petroleum marketers raised their charges as international crude became more expensive.
Motorists in Abuja are currently paying roughly N1,310 to N1,350 per litre for petrol at outlets operated by MRS, Nigerian National Petroleum Company Limited, Ranoil, Emedab, Empire Energy, AA Rano and Total, among others.
Industry signals another nationwide adjustment
The latest move above the $105 threshold could push retail petrol prices higher once again. Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, said the increase would extend through the country’s fuel distribution chain.
He said refiners, depot operators, marketers and filling-station retailers were likely to revise their prices in response to the crude rally.
Price data available when the report was prepared showed Dangote Refinery’s gantry price, along with ex-depot rates, in a range of N1,265 to N1,275 per litre.
