Petrol Prices in Nigeria Poised for Another Increase, Warns Industry Experts

The increasing cost of crude oil, including Nigerian varieties, reaching approximately $78 per barrel suggests that petrol prices in Nigeria are likely to rise soon.

Nigerians may encounter more hardships as oil marketers are warning of a possible increase in the price of Premium Motor Spirit (petrol), attributed to rising tensions involving Israel, Iran, and various stakeholders.

This information was shared by Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association (PETROAN), in an exclusive interview with Daily Post on Friday.

Gillis-Harry stated that the surge in crude oil prices, including those from Nigeria, is foreshadowing an uptick in petrol prices. This comes despite the recent start of petrol distribution from Dangote Refinery as of September 15, 2024.

He emphasized that given Nigeria’s reliance on fuel imports, a rise in pump prices is possible, currently ranging from N950 to N1,150 per litre nationwide.



“Escalating conflicts between Iran and Israel are likely to increase the prices of petroleum products globally, including in Nigeria. This is an understood phenomenon.”

On that note, Brent and Nigerian crude futures were reported to be above $77 per barrel on Friday amid the ongoing tensions between Israel and Iran.

Earlier, the Nigerian National Petroleum Company Limited announced a revised petrol pump price following the initiation of fuel distribution from Dangote Refinery on September 15.