The article discusses a potential increase in petrol prices in Nigeria, as the cost at major depots has risen to N1,290 per litre. This increase is happening despite a drop in crude oil prices, and it is expected to impact households and businesses negatively. Recently, prices at various depots in cities like Lagos, Calabar, Port Harcourt, and Warri have gone up significantly. For example, in Calabar, prices jumped by about N87 per litre, while in Lagos, prices increased by around N66 per litre at the Dangote Refinery. The rise in depot prices is linked to higher international oil prices, which have increased due to tensions in the Middle East. As crude prices go up, it raises the cost of importing petrol, which could lead to even higher prices at gas stations. This situation could also increase transportation costs and affect businesses that rely on petrol and diesel for their operations, leading to higher expenses overall.
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