Rising Crude Prices Put Fresh Pressure on Nigeria’s Petrol Market
Rising Crude Prices Put Fresh Pressure on Nigeria’s Petrol Market
Nigeria’s petrol market is facing renewed pressure following a sharp rise in international crude oil prices, with Brent crude climbing to about $107 per barrel on Thursday amid escalating tensions in the Middle East and disruptions to oil shipping routes.
Reuters reported that Brent crude settled at $107.63 per barrel on September 10, while U.S. West Texas Intermediate also rose above $100. The increase was linked to heightened attacks on tankers and continuing disruptions around key Middle Eastern shipping routes.
In Nigeria, petrol prices have risen substantially from the average of about ₦830 per litre recorded in January and February. Recent market reports show petrol selling at around ₦1,310 to ₦1,325 per litre at some filling stations, although prices vary by location and marketer.
The increase in global crude prices could add to pressure on domestic petrol costs. However, there is currently no confirmed announcement of another nationwide pump-price increase. Recent data showed Dangote Refinery’s petrol gantry price at about ₦1,265 per litre, while several Lagos depots were quoting between ₦1,266 and ₦1,280 per litre.
Further movement in petrol prices will therefore depend on developments in global crude prices, supply conditions, exchange rates and downstream market costs.
