Higher fuel, transport, food prices loom as crude oil hits $100 - Vanguard News Vanguard News Home News Top Stories
E-editions Politics Metro Business Sports Editorial Columns ALLURE Search for: Home News Top Stories E-editions Politics
Metro Business Sports Editorial Columns ALLURE Home News E-Editions Politics Metro Business Sports Editorial Columns
Allure Home News Top Stories E-editions Politics Metro Business Sports Editorial Columns ALLURE Home News E-Editions
Politics Metro Business Sports Editorial Columns Allure Commenting on the development, Managing Director of
Petroleumprice.ng, Jeremiah Olatide, said the downstream sector has become increasingly volatile.Related NewsC-PACT
summit, AfCFTA and Nigeria’s emerging non-oil export economyGas Flaring: Nigeria lost $5.5bn, methane waste hits $30m
dailyBrent oil prices rise above $100 first time since late May “With the resumption of loading by Dangote Petroleum
Refinery in naira at N1,215 per litre on Wednesday, we expected fuel importers to reduce prices, and some actually did.
However, the sudden spike in crude oil prices due to the Middle East crisis has disrupted that trend. We should expect
more price instability in the coming weeks,” he said. Similarly, National President of the Oil and Gas Services
Providers Association of Nigeria (OGSPAN), Mazi Colman Obasi, noted that while depots and filling stations had yet to
implement widespread price increases, the impact could soon be felt across the economy. “The implications will be
far-reaching for households, businesses and the wider economy once operators across the value chain adjust their
prices,” he warned. Data from Petroleumprice.ng showed that before the latest crude price surge, several depots in
Lagos, Warri and Calabar had reduced loading prices to attract customers, while prices in Port Harcourt remained largely
unchanged. Pump prices at filling stations in Lagos and its environs currently range between N1,300 and N1,400 per
litre, depending on location.