Pressure on petrol, diesel prices as crude hits $97.17


By Udeme Akpan, Energy Editor, Ediri Ejor, Prince Okafor & Mariam Eko

There are indications that pressures are mounting on the pump price of petrol as the landing cost has risen by 19.3 per cent to N596.93 per litre as of yesterday, from about N500 per litre in July 2023, when the last pump price adjustment was effected across all retail outlets in Nigeria.

Petroleum marketers attributed the development to the continued rise in crude oil prices in the international market as well as exchange rate volatility in Nigeria’s foreign exchange market which was N970 to the dollar yesterday.

Vanguard had reported that the rise in crude oil prices by 7.5 per cent to $85.89 per barrel in August 2023, from $79.92 per barrel in July 2023, depreciation of the Naira to N775/dollar in the official market and inflation, standing at 22.79 per cent, combined to increase the landing cost of petrol to over N500 per litre in the domestic market.

But the further rise in the price of crude…

Source: Vanguard Newspaper