Fresh Petrol Price Hike Looms as Crude Oil Tops $70

Barely days after petrol pump prices were adjusted upward across the country, Nigerians may be heading for another increase as global crude oil prices continue their steady climb. The surge has raised concerns among consumers and businesses already grappling with higher energy costs.

Nigeria’s Bonny Light crude recently crossed the $70 per barrel mark, rising from about $64 recorded last week, while Brent crude and Murban crude posted similar gains. The rally represents the highest price levels seen this year and has intensified pressure on domestic fuel pricing.

Earlier in the week, petrol pump prices jumped to an average of ₦850 per litre from ₦750, following adjustments at the Dangote Refinery, where the gantry price rose from ₦699 to ₦799 per litre. Retail outlets in Abuja, Lagos, and other cities followed suit, with some marketers selling as high as ₦900 per litre.

Industry operators argue that rising crude prices and higher input costs are driving the increases, although analysts point out that the pace of local price adjustments has outstripped the growth in crude oil prices, raising concerns about affordability for households.