BREAKING: Nigerian filling stations hike fuel price
Petrol prices have surged in Nigeria, with filling stations adjusting pump prices upwards following a fresh increase in ex-depot rates by Dangote Refinery and other fuel depot operators, republican.com.ng reports.
On Saturday, residents in the Federal Capital Territory (FCT) were greeted with new pump prices ranging from N935 to N970 per litre at stations like Empire Energy and Ranoil in Gwarimpa. Just a day earlier, prices at these stations stood at N905 and N900 respectively.
Confirming the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said that the price increase stemmed from higher ex-depot rates implemented by Dangote and other major suppliers.
“As of Friday, Dangote Refinery adjusted its ex-depot price from N820 to N858 per litre. Other major depots such as NIPCO, Aiteo, and Ranoil are now selling at N870, N855, and N855 respectively,” Ukadike revealed.
He attributed the hike to the ongoing volatility in foreign exchange rates and rising global crude oil prices.
Despite the rising local pump prices, international crude oil benchmarks have dipped slightly. Brent crude was priced at $69.67 per barrel, while West Texas Intermediate (WTI) traded at $67.33, according to Saturday data from oilprice.com.
The increase in petrol prices is expected to further strain consumers, potentially affecting transportation costs and the prices of goods and services nationwide.
(DailyPost)
