Nigeria’s Fuel Prices on the Rise amid Global Oil Market Volatility

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There are indications that the pump prices of diesel and petrol may rise in the domestic market due to a 3.84% increase in the price of Nigeria’s Bonny Light crude oil to $67.50 per barrel. According to Vanguard, four depot owners, including First Fortune, Chisco, Chipet, and Master Energy, have increased the price of diesel or petrol.

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The new prices are as follows:

– First Fortune: N950 per litre for diesel, up from N945 per litre

– Chisco: N1,050 per litre for diesel, up from N1,045 per litre

– Chipet: N1,050 per litre for diesel, up from less than N1,000 per litre

– Master Energy: N869 per litre for petrol, up from N867 per litre

(link unavailable) notes that the depot prices of petroleum products will continue to be dynamic due to instability in the global oil market, which may lead to further adjustments in pump prices. Dr. Billy Gillis-Harry, National President of PETROAN, said, “The market is subject to changes. Currently, I think the volume of imported products has reduced, thus impacting the domestic market in one way or another.”

The National Bureau of Statistics (NBS) reports that petroleum product prices have been relatively unstable, with the average retail price of petrol increasing to N1,239.33 in April, representing a 76.73% rise from N701.24 in the same month last year

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