Nigerian Petrol Prices Surge as Fuel Imports Triple

Retail petrol prices in Nigeria rose for the second time in less than a week, with pump prices in Abuja climbing to between N1,275 and N1,280 per litre. The price hikes at outlets such as Empire Filling Station and Ranoil Filling Station follow rising global crude oil prices and instability within the downstream sector.

Data reveals that fuel imports surged to an average of 18.1 million litres per day in June, more than tripling the May average of 5.9 million litres. This spike in imports occurred while the Dangote Petroleum Refinery operated at over 100 percent capacity during the same month.

In response to the import surge, the refinery has initiated a legal battle to invalidate import permits issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. These permits were granted to the Nigerian National Petroleum Company Limited and other marketers. The refinery argues that these authorizations undermine domestic refining efforts, while it maintains a gantry price of $0.779 per litre.