Abuja, Nigeria — Petrol pump prices have increased across Abuja and its environs, with retail prices rising from between N1,155 and N1,205 per litre to between N1,300 and N1,335 per litre, according to market observations monitored by CDA News Nigeria.
The increase represents an additional N95 to N185 per litre, following recent price adjustments by Dangote Refinery, depot owners, petroleum marketers, and the Nigerian National Petroleum Company (NNPC) Limited.
Background / Context
CDA News Nigeria gathered from reports that some depot owners and marketers have reviewed their ex-depot and retail prices at least twice in the past two weeks. The development follows the temporary suspension of naira sales by Dangote Refinery on July 15, before the refinery resumed petrol sales in naira on July 22.
Global crude oil prices have also continued to influence Nigeria’s downstream petroleum market. As of the time of filing this report, West Texas Intermediate (WTI) traded at about $89 per barrel, while Brent crude stood at approximately $96 per barrel, amid escalating tensions involving Iran, the United States, and Israel.
“The domestic downstream oil sector continues to experience uncertainty as international crude oil price volatility impacts fuel pricing,” market observers noted.
The Nuance / Next Steps
Industry stakeholders say further changes in petrol prices may depend on developments in the international oil market, exchange rate movements, and supply conditions in the coming weeks.
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