Pump price of Premium Motor Spirit commonly called petrol has seen immediate jump as marketers adjusted their prices due to the fallout of the US/Israel cum Iran War in the Middle East.
Checks on Sunday showed that NNPCL retail outlets adjusted the pump price from ₦967 to ₦1,082 per litre across Abuja and surrounding areas.
This new price is ₦115 higher per litre, just after the company had already raised the price from ₦960 to ₦967.
In less than a week, NNPCL retail stations have raised petrol prices by ₦207 per litre, showing the increasing pressure in the downstream petroleum market.
The new prices were seen at NNPCL outlets on Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Lifecamp in Abuja.
This change has made motorists and consumers even more worried, as they already struggle with rising fuel costs nationwide.
Other independent marketers have also raised their pump prices after the refinery’s change.
Filling stations like MRS Oil Nigeria, AA Rano, and Empire Energy have reportedly changed their pump prices at least twice.
At some stations, petrol now costs between ₦1,092 and ₦1,150 per litre, up from the earlier range of ₦960 to ₦980 per litre.
These recent changes followed Dangote Refinery’s significant increase in the petrol gantry price. ex-depot petrol price by ₦121, from ₦874 to ₦995 per litre, as international crude oil prices surged above $90 per barrel.
Industry observers say such gantry price adjustments typically influence pump prices nationwide as marketers adjust to higher replacement costs.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the price increase to global crude oil volatility.
According to him, the spike in crude oil prices is being driven by geopolitical tensions in the Middle East.
“The Dangote Refinery gantry petrol price hike and retail price adjustment are due to crude price volatility caused by the Iran–US–Israel conflict affecting the Gulf region,” he said.
