Despite a noticeable decline in global crude oil prices from $130 to $100 per barrel, petrol prices across Nigeria have remained high, with marketers continuing to sell Premium Motor Spirit (PMS) at ₦1,300 per litre and above.
The drop in crude oil prices is linked to ongoing diplomatic discussions between the United States and Iran, which could potentially lead to the re-entry of Iranian oil into global markets, particularly in Asia. Typically, such developments would result in a reduction in fuel prices. However, checks conducted in Lagos and surrounding areas indicate that retail pump prices have not been adjusted to reflect this trend.
Several filling stations, including MRS Oil Nigeria Plc, sold petrol at around ₦1,333 per litre, while depot prices were slightly lower. Depot operators such as Bovas Group and others sold at approximately ₦1,270 per litre. Meanwhile, Dangote Petroleum Refinery priced its product at about ₦1,285 per litre.
In Abuja, the situation mirrors that of Lagos, with petrol prices reaching as high as ₦1,371 per litre. Retail outlets like NIPCO Plc and AYM Shafa recorded some of the highest prices in the Federal Capital Territory, while NNPC Retail Limited maintained prices around ₦1,361 per litre.
The persistent high cost of petrol has sparked concerns among consumers, especially as prices have surged by over 50 percent in recent weeks, largely due to increases in gantry prices by the Dangote refinery. Many Nigerians are now grappling with rising transportation and living costs as a direct consequence.
Industry stakeholders have expressed mixed reactions. Olatide Jeremiah of Petroleumprice.ng called on regulators such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission to intervene and prevent exploitation.
Conversely, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, argued that fuel pricing should be determined by market forces in a deregulated environment.
Meanwhile, commuters are feeling the impact, with transport fares rising by about 50 percent, further straining household incomes amid stagnant wages and increasing inflation.
