Fuel Prices Spike Again as Imports Drop and Crude Rises

Fuel prices are expected to increase across Nigeria as four major depot owners have raised the prices of diesel and petrol, driven by a global uptick in crude oil prices. Nigeria’s Bonny Light crude surged by 3.84% to $67.50 per barrel, up from $65 last week, prompting price adjustments in the domestic market.

Depot operators including First Fortune, Chisco, Chipet, and Master Energy were among those who implemented price hikes. Diesel prices at the depots now exceed N1,050 per litre, with First Fortune raising its price from N945 to N950 per litre. Chisco pushed its price from N1,045 to N1,050, while Chipet’s price rose from below N1,000 to N1,050 per litre.

In a similar move, Master Energy increased the depot price of petrol from N867 to N869 per litre. These changes are already affecting retail pump prices nationwide.

Data from Petroleumprice.ng indicates that depot prices are likely to remain volatile in the coming weeks due to ongoing instability in the global oil market. The platform also noted that marketers may have no choice but to pass on these increases to consumers if global trends persist.

Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed the current pressures, stating that the volume of imported fuel has declined, impacting supply and prices locally.

According to the National Bureau of Statistics (NBS), retail prices of petrol have been fluctuating in recent months. In its April report, the NBS noted that the average pump price of petrol climbed to N1,239.33—representing a 76.73% increase from N701.24 recorded in April 2024.

As global oil dynamics continue to shift, both industry stakeholders and consumers in Nigeria are bracing for further fuel price adjustments in the near term.