Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from N965 to N990 per litre in the Federal Capital Territory (FCT).
In Lagos, the price rose from N925 to N960 per litre. This development comes amid a slight decline in crude oil prices and ongoing market adjustments in the deregulated petroleum sector.
Checks by correspondents revealed varying prices at filling stations. Some NNPC outlets in Abuja sold PMS at N990 per litre, while others in areas such as Life Camp listed their products at N970 per litre, though they were not dispensing fuel.
Private marketers have also increased prices, with some stations along Abuja’s Airport Road and other locations selling petrol for as much as N1,030 per litre.
The increase reflects Nigeria’s commitment to deregulating its petroleum sector, allowing market forces to dictate prices. This shift has been influenced by the commencement of loading operations at the Dangote Refinery, which has impacted depot and pump prices nationwide.
At the refinery, PMS prices rose from N899 to N955 per litre at its loading gantry. Consequently, many stations now sell petrol at over N1,000 per litre in Lagos and other states like Akwa Ibom, where prices reached N1,100 per litre.
An oil and gas expert, Olatide Jeremiah, stated, “The current price hikes are temporary and largely influenced by global market factors, including the ban on Russian oil under the Biden administration. Deregulation remains a solution to fuel scarcity and price hikes.”
Brent crude oil futures dropped to $79.98 per barrel on Monday from $81 last Friday. However, prices marginally increased to $80.05 following the inauguration of the new U.S. administration.
The price hikes have caused frustration among consumers. A tricycle rider in Lagos lamented the rising costs, saying, “We thought they wanted to bring down the price initially, but it’s going up again.”
As of Tuesday, the following prices were observed at key filling stations:
• TotalEnergies: N985
• Matrix: N980
• SGR in Mowe: N999
• Petrocam: N1,000
• Danco: N970
• As-Sallam: N990
• Sedabuk: N950
• Gatelink: N980
The rising petrol prices continue to place a strain on consumers, with experts predicting further price fluctuations as Nigeria aligns with global market realities.
