Fuel prices in Nigeria may continue to rise in the coming days due to increasing global crude oil costs, an industry group has said.
In a statement signed by Dr Joseph Obele, the National Spokesman of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the recent increase in the prices of petrol (PMS) and diesel (AGO) is “unlikely to be the last, as further increments are expected.”
The group explained that the trend is “largely driven by the continuous rise in crude oil prices in the international market.”
According to the statement, marketers are now buying petrol at about ₦1,250 per litre and diesel at about ₦1,750 per litre.
These costs directly affect what consumers pay.
“Consequently, the pump price of PMS may range between ₦1,450 and ₦1,700 per litre,” it said, adding that diesel is likely to sell for ₦2,000 per litre and above.
PETROAN warned that the situation will worsen living conditions. “This development will undoubtedly worsen the economic hardship faced by Nigerians,” the statement said, noting that transport fares and food prices are expected to rise.
It added that “the high cost of diesel is also crippling businesses… leading to increased production costs, reduced profitability and potential job losses.”
The group linked the increase to global tensions, especially around the Strait of Hormuz, a key oil route.
While higher oil prices mean more money for the government, PETROAN said “Nigerians are simultaneously paying more for petroleum products.”
It called for action, saying “the most practical short-term solution is the immediate resumption” of operations at the Port Harcourt and Warri refineries to help reduce prices.
