Fuel prices may decrease when refining capacity improves. A spokesperson for the regulatory authority mentioned this in an interview, citing the need for more robust domestic refining. Recently, petrol prices have risen significantly, now ranging from N1,310 to N1,350 per litre. This increase follows a rise in ex-depot and gantry prices by depot owners and a major refinery.

The regulatory authority has clarified that petrol pump prices are fully deregulated. For more information on the expected changes in fuel prices, further details are available.

The current price surge has been observed over the past two weeks, with prices increasing from a previous range of N1,210 to N1,275 per litre.