Petrol Could Reach ₦1,411 Per Litre in Lagos in November, Analyst Projects
Petrol could sell for as much as ₦1,411 per litre in Lagos in November if freight, insurance and other import-related costs remain high, an energy analyst has projected. His estimate puts the refinery’s ex-gate price at about ₦1,376 per litre, with trucking and related charges adding ₦35. He cited higher costs for physical cargo deliveries, refinery premiums and other supply expenses as factors behind the projection. The forecast is disputed by petroleum marketers. IPMAN’s spokesperson said marketers were not planning another price increase and described the projection as speculative. PETROAN’s spokesperson also questioned the likelihood of a rise, citing falling crude prices and easing Middle East tensions. Another independent marketer said prices could exceed ₦1,400 depending on international prices, exchange rates, freight and insurance. The ₦1,411 figure is a forecast, not an announced pump-price change. Petrol prices in Nigeria’s deregulated market depend on factors including crude prices, exchange rates, refining and transportation costs.
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