Nigerians may face another round of petrol price increases as crude oil prices continue to climb on the international market.
Nigeria’s Bonny Light crude has risen to 70.30 dollars per barrel from 64 dollars last week, about a 10 per cent increase and the highest level so far this year. Brent crude now trades at 70.15 dollars per barrel, up from 66 dollars, while Murban crude has moved to 68.01 dollars from 65.20 dollars.
Earlier in the week, filling stations raised petrol pump prices to an average of 850 naira per litre from 750 naira, citing the rise in crude prices. The Dangote Refinery and oil marketers argued that crude oil is the main input cost and that higher crude prices inevitably push up fuel prices.
However, while crude prices went up by about 6.2 per cent, the local petrol price jumped by 14.3 per cent, suggesting that local companies increased pump prices at more than double the rate of crude cost increases. The ex depot price at Dangote Refinery reportedly rose from 699 naira per litre to 799 naira, a 14.3 per cent hike.
In response, NNPC Retail outlets increased their pump price to 835 naira per litre from 815 naira, while some private marketers went even higher, with AYM Shafa raising its price from 815 naira to 900 naira per litre.
National Public Relations Officer of IPMAN, Chief Chinedu Ukadike, blamed the hikes on rising crude prices and higher refinery gate prices. He said once suppliers increase their selling price, marketers must also adjust to stay in business, even when selling old stock.
Market checks showed that while petrol prices largely held steady yesterday, diesel prices rose at several depots. At Emadeb, diesel went up to 930 naira per litre from 910 naira, while Ibeto and Integrated each increased from about 910 naira to 950 naira per litre.
On the global market, crude prices have been boosted by a drop in United States crude inventories and rising geopolitical tensions. US data showed stockpiles fell by 2.3 million barrels to 423.8 million barrels, around three per cent below the five year average for this period.
Analysts also link the price surge to fears that a possible US military strike on Iran, a major OPEC producer, could disrupt as much as 3.2 million barrels per day of oil supply. The market reacted after President Donald Trump announced that a large US naval armada was heading towards Iran and was ready to act with speed and force if needed.
Petroleum economist Prof Wumi Iledare warned that higher crude prices will put pressure on Nigerian businesses and households. He said costlier crude will translate into higher prices for petrol and diesel in a deregulated market, raising transport costs, prices of goods and overall living costs.
Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, described the development as a double edged sword. He noted that while higher crude prices could boost Nigeria’s oil revenue and foreign reserves, they will also push up energy costs and may trigger further increases in petrol, diesel and cooking gas prices.
Energy consultant Henry Adigun said consumers should expect higher petrol prices because crude is the main raw material for fuel production. He added that foreign exchange volatility and an ongoing price war between fuel importers and Dangote Refinery mean current pump prices do not fully reflect market realities.
Tax and economic expert Olufemi Idowu said higher crude prices are positive for government earnings but warned that consumers will bear the brunt in a subsidy free environment. He explained that more expensive fuel will raise transportation, construction and production costs, feeding into higher prices of goods and worsening inflation.
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