The volatility of crude oil prices in the international market has had a negative impact on Nigeria’s downstream oil sector, with importers and depot operators raising petrol prices to between N905 and N940 per litre. In contrast, Dangote Petroleum Refinery has maintained its ex-depot price at N825 per litre.
According to data gathered, Rainoil increased its price to N920 from N850 per litre, while Fynefield and Mainland raised their ex-depot prices to N930 and N920, respectively, an increase of N50 and N10.
Additional pricing data showed Sigmund selling at N920 per litre, Matrix Warri at N910, and NIPCO rising sharply to N920 from N827 the previous week. Aiteo was reported selling petrol at N920 per litre.
Further increases were recorded as Swift Oil moved to N920, Emadeb and Wosbab to N910, and First Royal to N905. Pinnacle made the most significant adjustment, now selling at N940 per litre.
These price hikes follow sustained gains in global crude oil markets, with Brent crude trading at $75.63 and West Texas Intermediate (WTI) at $74.03 per barrel, amid ongoing geopolitical tensions in the Middle East.
