Abuja filling stations increase petrol pump prices

Many filling stations across the Federal Capital Territory (FCT) have increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol.

The development came despite a decline in international crude oil prices from $92 per barrel to $87.31 per barrel.

Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) fell 0.16 per cent to $83.40 per barrel.

The News Agency of Nigeria (NAN) reports that Dangote Refinery increased its gantry price, or ex-depot price, from N1,165 per litre to N1,185, and subsequently to N1,200 and N1,265 within the last one week.

The latest adjustment represents a N65 per litre increase from the previous gantry price of N1,200.

The increase has been reflected in pump prices across the FCT.

Checks by NAN on Sunday in Abuja showed that several filling stations had adjusted their petrol prices upwards, with motorists paying more for the product.

NAN observed that AY Shafa increased its pump price from N1,250 to N1,270 per litre, while Optima retail outlet raised its price from N1,260 to N1,300 per litre.

Similarly, NNPC adjusted its price from N1,250 to N1,270 per litre.

An economist, Samson Ogunjimi, expressed concern over the growing financial pressure on households caused by rising fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers reviewed their pump prices following a series of adjustments by Dangote Refinery.

Ukadike said marketers could not continue to sell petrol below the replacement cost.

He said the frequent price changes were creating uncertainty for both marketers and consumers, as the cost of replacing products could change significantly within a short period. (NAN)