Fuel price update in Nigeria

The price of Premium Motor Spirit, PMS, has continued to rise across Nigeria over the past two weeks.

DAILY POST reports that petrol pump prices increased from between N1,155 and N1,205 per litre to between N1,300 and N1,335 per litre in Abuja and its environs.

This means that the retail price of fuel increased by between N95 and N185 per litre during the period under review.

The upward movement in petrol prices comes as Dangote Refinery, depot owners, marketers, and the Nigerian National Petroleum Company (NNPC) Limited hiked their fuel prices.

DAILY POST reports that some depot owners and marketers have increased their ex-depot and retail prices at least twice over the past two weeks.

Recall that Dangote Refinery suspended the sale of refined petroleum products in naira on July 15. However, the 700,000-barrel-per-day refinery announced the resumption of petrol sales in naira on July 22.

While DAILY POST reports that the country’s domestic downstream oil sector has continued to face uncertainty, global crude oil price volatility has further worsened the situation.

Crude oil prices stood at $89 and $96 per barrel for West Texas Intermediate, WTI and Brent crude, respectively, as of the time of filing this report, amid heightened tensions in the Middle East. Attacks and counterattacks involving Iran, the United States, and Israel in the Gulf region have continued to impact global oil prices.