Many filling stations across the Federal Capital Territory (FCT), have raised the pump price of Premium Motor Spirit, popularly known as petrol, following another increase in Dangote Refinery’s ex-depot price. The latest adjustment came despite a decline in international crude oil prices, with benchmark prices falling from about $92 to $87.31 per barrel. Brent crude […]
Many filling stations across the Federal Capital Territory (FCT), have raised the pump price of Premium Motor Spirit, popularly known as petrol, following another increase in Dangote Refinery’s ex-depot price.
The latest adjustment came despite a decline in international crude oil prices, with benchmark prices falling from about $92 to $87.31 per barrel.
Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate fell 0.16 per cent to $83.40 per barrel.
Dangote Refinery had increased its gantry price from N1,165 per litre to N1,185 before further adjustments to N1,200 and, most recently, N1,265 within the past week.
The latest increase represents a N65 rise per litre from the previous ex-depot price of N1,200.
The development has been reflected in retail prices across Abuja, with motorists now paying more for petrol at several filling stations.
Checks on Sunday showed that AY Shafa increased its pump price from N1,250 to N1,270 per litre, while Optima raised its price from N1,260 to N1,300 per litre.
NNPC retail outlets also adjusted their pump price from N1,250 to N1,270 per litre.
Reacting to the development, economist Samson Ogunjimi expressed concern over the growing financial pressure on households and businesses.
Ogunjimi described the rising fuel prices as unbearable for many Nigerians already facing higher transportation and living costs.
He urged the federal government to intervene and stabilise petrol prices to ease the pressure on consumers and businesses.
National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers were compelled to review their prices following the successive adjustments by Dangote Refinery.
According to him, marketers cannot continue selling petrol below the replacement cost, particularly when the cost of replenishing their stocks keeps changing.
Ukadike said the frequent price adjustments were creating uncertainty for marketers and consumers, as changes in the cost of petroleum products could occur within a short period.
