The war drums in the Middle East have spilled fuel on Nigeria’s pump prices. With tension escalating between Iran, Israel, and the US, the ripple effect has sent global oil prices into volatile territory—and Nigeria’s petrol cost surging to new highs.
As of Monday, NNPC retail stations in Abuja hiked their PMS price to N945 per litre, while independent marketers like A.Y.M. Shafa and NIPCO reached N955. Lagos fared only slightly better, with prices ranging between N915 and N950.
Why the spike?
Industry sources trace the surge to a sudden increase in depot prices. Dangote Refinery raised its ex-depot rate to N880/litre, triggering a chain reaction across depots. Combined with speculative pricing and panic buying, consumers are left reeling.
Depot turmoil
“The surge is abnormal,” said Olatide Jeremiah, CEO of PetroleumPrice.ng. “Crude only rose by 3%, but depots have raised prices by over 10%.”
Meanwhile, Nigeria’s already embattled commuters face another round of fare increases. With inflation biting deeper into household incomes, analysts fear the price rise could stoke unrest, especially with no subsidy relief in sight.
International oil markets remain jittery. While Brent crude momentarily climbed, it surprisingly dipped to $71.66, a contradiction that exposes the uncertainty haunting global supply chains.
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