Petrol Price May Hit N1,050 Across Nigeria Over Rising Crude Costs
Petrol prices in Nigeria may soon rise to about N1,050 per litre following the recent increase in the cost of crude oil in the international market.
Industry analysts and fuel marketers have warned that the rising global price of crude oil, combined with exchange rate pressures, could push up the cost of importing petrol into the country.
According to market observers, Nigeriaโdespite being an oil-producing nationโstill relies heavily on imported refined petroleum products. As a result, fluctuations in the international oil market directly affect domestic fuel prices.
The recent surge in global crude prices has increased the landing cost of petrol, making it more expensive for marketers to import and distribute the product across the country.
Experts say if the trend continues, petrol pump prices may climb to around N1,050 per litre, depending on distribution costs, exchange rate movements, and other logistics expenses.
Oil marketers have also indicated that the current deregulated fuel market means petrol prices will largely depend on market forces rather than government controls.
The potential increase could further strain household budgets and transportation costs across Nigeria, as petrol prices significantly influence the cost of goods and services.
Stakeholders are therefore urging the government to accelerate efforts to boost local refining capacity, particularly through facilities like the Dangote Refinery and other domestic refineries, to reduce reliance on imported fuel.
