Aiteo, Dangote, and Pinnacle, adjusted prices between N838–N870 per litre.
Amid escalating Israel-Iran tensions, 10 Nigerian oil marketers have raised petrol depot prices following an 8.8% jump in crude oil prices to $74 per barrel.
EMADEB led the increases, raising prices to N845 from N827 per litre. Others, including Aiteo, Dangote, and Pinnacle, adjusted prices between N838–N870 per litre.
The conflict, coupled with Iran’s threat to block the Strait of Hormuz, has unsettled global oil markets. According to Petroleumprice.ng, depot prices may keep rising in the weeks ahead.
Dr. Muda Yusuf of CPPE warned, “Energy cost is a major factor in the Nigerian inflation equation.”
Prof. Wumi Iledare added, “Without fiscal discipline and refining capacity, high prices may offer temporary relief but not lasting transformation.”
Olufemi Idowu cautioned: “We have used a lot of our crude to obtain loans… optimism is a temporary thing.”
OGSPAN’s Colman Obasi noted potential benefits to Nigeria’s 2025 budget, which is based on $75/barrel.