Concerns are growing in Nigeria over the possibility of petrol prices soaring to as high as N3,000 per litre following a recent increase in depot prices by Dangote Refinery, while the Presidency has remained silent on the matter. Nigerians are already coping with high fuel costs, with Premium Motor Spirit (PMS) averaging around N1,400 per litre and diesel reaching about N1,750 per litre at some filling stations.
The price adjustments followed Dangote Refinery’s Monday announcement raising its gantry price to N1,175 per litre for petrol and N1,620 per litre for diesel. Several service stations, including Ranoil and Empire Energy outlets in the Federal Capital Territory and surrounding areas, have already passed on the increase, selling petrol at N1,350–N1,400 per litre and diesel at roughly N1,750 per litre, up from around N1,365.
Industry operators warn that prices could climb further without urgent intervention. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, noted that while a Naira-for-crude arrangement exists, international crude prices remain unaffected, driving repeated increases at the gantry. He urged regulators to implement a price stability programme to prevent further shocks.
Energy analysts say retail fuel costs now closely track global crude prices, exchange rate fluctuations, and refinery operating costs. International oil prices have surged past $100 per barrel due to the United States and Israel’s war on Iran, with Brent crude briefly hitting $119 per barrel on Sunday before easing to about $110 following reports that G7 finance ministers are considering coordinated releases from petroleum reserves. The spike has intensified fears of another major fuel price shock for Nigerian consumers.
