There are feelers that Petrol prices in Nigeria may rise to about N1,400 per litre this week as fuel marketers await a possible repricing of Premium Motor Spirit (PMS) by the Dangote Refinery amid rising crude oil prices, supply constraints and logistics challenges.
Industry sources said petrol loading was halted at the refinery, fueling speculation that a fresh ex-depot price adjustment could be announced as early as today.
The anticipated price increase comes on the heels of a surge in global crude oil prices triggered by escalating tensions in the Middle East. The development has pushed up feedstock costs for refiners while tightening supply across international energy markets.
With pump prices already averaging around N1,200 per litre in some parts of the country, marketers say the price could climb to about N1,400 per litre as crude oil prices move closer to $100 per barrel.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that its members were unable to load petrol from the refinery on Sunday.
According to the association’s National President, Billy Gillis-Harry, marketers are currently waiting for clarity on the refinery’s next pricing decision.
“Today we didn’t load and we are not sure what will happen tomorrow. It is because of the possibilities around crude oil prices. The price of crude is not stable; it can go up or come down. Until the crisis in the Middle East de-escalates, it is difficult to predict what will happen,” he said.
