Nigerian filling stations have increased fuel prices, with some stations selling petrol above N900 per litre. The price hike follows Dangote Refinery's decision to raise its ex-depot petrol price to N880 per litre, a N55 increase from the previous price of N828 per litre.
Fuel Prices at Various Filling Stations
- *NNPC*: N915 per litre in Lagos and N945 in Abuja
- *MRS Oil Nigeria*: N925 per litre in Lagos, N935 in South-West, N945 in North-West and North-Central, and N955 in South-South, South-East, and North-East regions
- *Ardova*: N930 per litre
- *Mobil*: N930 per litre
- *Empire Energy*: N955 per litre in Abuja
Reasons for the Price Hike
The increase in fuel prices is attributed to the recent surge in global crude oil prices, which has impacted Nigeria's petroleum industry. The Dangote Refinery, which sets the tone for the downstream market, has adjusted its petrol prices in line with international crude oil movements ¹ ².
Impact on the Economy
The price hike is expected to cause a transportation fare increase across the country, affecting the livelihoods of many Nigerians. Energy economist Kaseem Abidemi Obakhume notes that Nigeria's fuel pricing framework under the Petroleum Industry Act (PIA) is structured to favour deregulation and attract investment ¹.
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