N1,500/Litre: Marketers Release Fresh Petrol Prices: Northern States Pay Highest Nationwide
- Petrol prices have surged above N1,500 per litre across northern Nigeria, pushing transportation costs higher
- Dangote Refinery’s four price increases have added N185 per litre amid rising international crude costs
- NLC seeks urgent relief as smuggling and fuel-price pressures threaten food, rent, school fees and household budgets
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol prices have climbed to N1,500 per litre and above in several northern states, while motorists in major cities are paying around N1,430 as rising crude oil costs pile fresh pressure on Nigeria’s downstream petroleum market.
The latest increases are already filtering into transportation costs, raising concerns that households could face another round of higher prices for food and other essential goods.
Source: Getty Images
Northern states face steeper petrol prices
The price pressure appears most severe in northern Nigeria. In parts of Damaturu, Yobe State, petrol sells for between N1,500 and N1,520 per litre, while prices in Kano, Sokoto and Borno have reached about N1,500.
Taraba is recording prices ranging from N1,500 to N1,700 per litre, while motorists in Mubi, Adamawa State, reportedly pay as much as N1,850.
Kaduna, Benue, Kogi, Plateau, Bauchi and Rivers are among other states where prices have moved above N1,400 per litre.
The increases have begun affecting public transportation. Commercial tricycle operators in Kano have reportedly raised fares by about 50% on some routes, while commuters in Benue are also facing higher transport costs.
Dangote raises petrol price four times
The latest retail adjustments followed Dangote Petroleum Refinery’s decision to increase its petrol gantry price from N1,265 to N1,350 per litre.
Since August 21, the refinery has adjusted the price from N1,165 to N1,185, N1,200, N1,265 and eventually N1,350.
That represents a cumulative increase of N185 per litre, or about 15.9% in 22 days.
Fuel marketers have warned that pump prices could climb further if international crude prices remain elevated.
Chinedu Ukadike, publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said higher crude costs would continue to influence petrol prices.
He urged the federal government to consider supplying crude oil to domestic refineries at slightly below international market prices and reviewing some statutory charges affecting petroleum-product distribution.
NLC seeks relief for Nigerians
The Nigeria Labour Congress (NLC) has also called for urgent measures to cushion the impact on workers and businesses.
NLC President Joe Ajaero called for reasonable wage awards, increased crude supply to local refineries in naira and an expansion of Nigeria’s petroleum storage capacity.
The labour centre said emergency interventions, including subsidies where necessary, should not be ruled out, warning that persistent petrol increases could push up food, rent, school fees and transportation costs.
Source: Getty Images
At 11 a.m. WAT on Thursday, Brent crude traded at $104.30 per barrel, down 1.57%, while West Texas Intermediate stood at $101.30, down 1.17%. Both benchmarks had approached $110 earlier in the week.
Dangote points to cross-border smuggling
Dangote Refinery owner Aliko Dangote has also identified cross-border petrol smuggling as a factor affecting Nigeria’s fuel market.
He said petrol prices in neighbouring countries were between 30% and 50% higher than in Nigeria, creating an incentive for products supplied locally to be moved across the border.
“There’s still a lot of smuggling of the same petrol we are producing to our neighbouring countries,” Dangote said.
Depot owners hike petrol prices above Dangote's rate
Legit.ng earlier reported that the latest petrol price increases across Nigeria followed Dangote Refinery’s decision to raise its gantry price to N1,350 per litre. Depot operators responded with increases of up to N150 per litre, pushing prices at some filling stations to N1,400.
The adjustment marks Dangote Refinery’s fourth petrol price increase in about three weeks, with the rate rising 15.9% from N1,165 to N1,350 per litre.
Source: Legit.ng
