Nigerian petroleum product marketers have implemented two consecutive price increases for petrol in less than one week, as global tensions continue to impact local fuel costs.
BenriNews observed that several filling stations in the Federal Capital Territory, including Empire Energy and Ranoil, have adjusted their fuel pumps twice since last week in response to global market pressures.
Empire Energy filling station in Gwarimpa initially raised its pump price from N910 to N955 per litre last week, before implementing a further increase to N975 per litre as of Monday. Similarly, Ranoil outlets in Gwarimpa, Kado, and Lugbe first increased prices from N905 to N935 per litre last week, with prices climbing further to N955 per litre by Monday morning.
Major Players Also Increasing Prices
Dangote Refinery's retail partner, MRS, has also raised its fuel pump prices to between N925 and N945 in Lagos and Abuja. The Nigerian National Petroleum Company Limited (NNPCL) followed suit, increasing its retail fuel prices to N945 in Abuja and N915 in Lagos.
Abubakar Maigandi, President of the Independent Petroleum Marketers Association, attributed these rapid price hikes to the surge in global crude oil prices resulting from escalating tensions between Israel and Iran.
Global Tensions Driving Price Increases
The situation has been further exacerbated by recent developments in the Middle East. Over the weekend, the United States announced successful strikes on three Iranian nuclear sites, which triggered an additional three percent rise in global crude oil prices by Monday morning.
These geopolitical tensions continue to have direct implications for Nigerian consumers, who are now facing increasingly higher costs at the pump as international crude oil prices respond to the ongoing conflict.
Industry experts suggest that further price volatility may be expected if the situation in the Middle East continues to deteriorate, potentially placing additional pressure on Nigeria's fuel supply chain and consumer prices.
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