Fuel prices have climbed once again across major cities in Nigeria at several filling stations.
Dockaysworld reports that Empire Energy and Ranoil have raised their pump prices following an upward adjustment in ex-depot prices by Dangote Refinery and private depot owners.
Checks in Abuja on Saturday revealed that Empire Energy and Ranoil outlets in Gwarimpa and other areas now sell petrol at N935 and N970 per litre, respectively — up from N905 and N900 on Friday night.
The hike, industry sources say, is directly linked to a new pricing structure from both the Dangote Refinery and key petroleum depots across the country.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development in an interview on Saturday. He attributed the increase to higher ex-depot rates influenced by the foreign exchange rate and global oil market trends.
“As of Friday, Dangote Refinery increased its ex-depot price to N858 per litre, up from N820. Other depot operators also adjusted their prices — NIPCO now sells at N870, Aiteo and Ranoil at N855 per litre,” Ukadike said.
He explained that while domestic pricing is under pressure from the forex market, fluctuations in international crude oil prices also play a role.
Meanwhile, global crude benchmarks recorded a drop as of Saturday morning, with Brent crude falling to $69.67 and West Texas Intermediate at $67.33.
