Fuel prices in Nigeria have gone up again, with many filling stations now selling petrol between N1,030 and N1,150 per litre. This comes after Dangote Refinery increased its selling price to petrol marketers.
On Friday, Dangote Refinery raised the price at which it sells petrol to marketers, known as the ex-depot price, from N899 per litre to N955 per litre.
Marketers buying between 2 million and 4.99 million litres will now pay N955 per litre.
Those buying 5 million litres or more will pay N950 per litre.
This new price is about 6% higher than the N899.50 per litre price Nigerians enjoyed during a holiday discount last December.
The main reason is the rising cost of crude oil, which has now reached $81 per barrel. This increase affects the cost of producing and distributing petrol, which marketers then pass on to consumers.
What Does This Mean for Nigerians?
The price hike is already affecting petrol prices at filling stations across the country.
Some stations in Abuja are now selling petrol between N1,040 and N1,155 per litre.
In areas far from depots, petrol might sell for N1,150 per litre or more because of the additional N50 logistics costs.
According to Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN):
> “Commuters will likely pay over N1,150 per litre in faraway locations, while places closer to the depot may pay N1,100.”
The Nigerian National Petroleum Company (NNPC) is still selling petrol at N965 per litre at its outlets as of Friday evening.
However, many independent marketers have adjusted their prices to match the new costs.
The rising fuel prices will make life harder for many Nigerians. Transportation costs will go up, which may also lead to higher prices for goods and services.
Billy Gillis-Harry, president of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), said:
> “Once we add logistics costs, the price will increase. We just need to make sure the profit margin remains fair.”
For now, Nigerians will need to adjust to the higher fuel prices, while hoping for better solutions to stabilize costs in the futur
