Motorists in Abuja are facing another increase in the price of Premium Motor Spirit (PMS), popularly known as petrol, following fresh adjustments to the product’s ex-depot price by the Dangote Petroleum Refinery.
Checks by the News Agency of Nigeria (NAN) on Sunday showed that several filling stations across the Federal Capital Territory had increased their pump prices, with some outlets now selling petrol for as much as ₦1,300 per litre.
The latest development comes despite a decline in international crude oil prices. Crude prices reportedly fell from about $92 per barrel to $87.31 per barrel, while Brent crude stood at $88.10 per barrel, down 0.47 per cent. West Texas Intermediate (WTI) also declined by 0.16 per cent to $83.40 per barrel.
The latest pump-price adjustments followed a series of increases in Dangote Refinery’s gantry, or ex-depot, price within the past week.
According to NAN, the refinery increased its petrol price from ₦1,165 per litre to ₦1,185, before raising it further to ₦1,200 and eventually ₦1,265 per litre.
The latest adjustment represents a ₦65 increase from the previous gantry price of ₦1,200 per litre and marks the refinery’s third increase in eight days. The total increase during the period amounted to ₦100 per litre, or about 8.6 per cent.
The impact of the latest adjustment has been reflected in retail prices across Abuja.
NAN reported that AY Shafa increased its pump price from ₦1,250 to ₦1,270 per litre, while Optima raised its price from ₦1,260 to ₦1,300 per litre. NNPC retail outlets also adjusted their price from ₦1,250 to ₦1,270 per litre.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, explained that marketers had been forced to review their pump prices following the repeated adjustments by the refinery.
He said marketers could not continue selling petrol below the cost required to replace their existing stock, adding that the frequent price changes were creating uncertainty for both businesses and consumers.
Economist Samson Ogunjimi also expressed concern over the impact of rising petrol prices on households and businesses. He called on the Federal Government to take steps to stabilise fuel prices and reduce the pressure on Nigerians.
The latest increase is likely to further raise concerns over transportation costs and the prices of goods and services, as consumers continue to feel the wider effects of changes in petrol prices.
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