Petrol prices at filling stations across Abuja and its surroundings have held steady even as the Dangote Refinery resumed selling refined products in dollars and crude oil prices climbed higher. Checks on Tuesday night showed that major retailers including the Nigerian National Petroleum Company Limited, Nigerian Independent Gas Company, AA Rano, MRS, and Emedab kept pump prices flat between N1,155 and N1,205 per litre.
Depot owners had raised their ex-depot rates by between N30 and N90 per litre, but this didn't translate to higher retail prices at the pump. Operators like Ranoil, African Terminal, Pinnacle, Sahara, and Integrated all increased their wholesale costs during the period.
The price movements came after global crude oil surged due to escalating tensions in the Strait of Hormuz. Airstrikes between Iran and the United States-Israel alliance intensified over four days, reigniting conflict concerns in the Gulf region.
Iran subsequently restricted exports of crude and refined petroleum products, tightening global supply. This supply pressure pushed international crude prices higher across markets.
Despite these upstream cost increases, many filling station operators chose not to pass the rises to consumers immediately. The decision meant retail prices remained unchanged from earlier levels even as their input costs rose.
The Dangote Refinery's shift to dollar-based sales added another dimension to pricing dynamics in the local market. Analysts have been watching whether retailers would eventually adjust pump prices to reflect the mounting costs they face.
