By Seun Ibiyemi
The Nigerian National Petroleum Company Limited (NNPCL) and several independent marketers have increased the pump price of Premium Motor Spirit (PMS), commonly known as petrol, for the second time in less than 24 hours following a fresh price adjustment by the Dangote Refinery.
The state-owned oil company on Sunday raised its petrol pump price from ₦967 to ₦1,082 per litre across Abuja and surrounding areas, representing an increase of ₦115 per litre.
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The development comes shortly after an earlier adjustment from ₦960 to ₦967 per litre, meaning NNPCL retail outlets have increased petrol prices by about ₦207 per litre within a week.
The new prices were observed at several NNPCL filling stations along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Zone 4 and Lifecamp in the Federal Capital Territory.
Other filling stations, including MRS Oil Nigeria Plc, AA Rano Nigeria Limited and Empire Energy, have also revised their pump prices at least twice, with petrol now selling between ₦1,092 and ₦1,150 per litre, up from about ₦960 to ₦980 per litre previously.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, attributed the increase in domestic petrol prices to volatility in global crude oil markets.
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According to him, the adjustment in pump prices followed the recent increase in the gantry price of petrol by Dangote Refinery.
“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.
Gillis-Harry, however, called on oil sector regulators in Nigeria to intervene in order to prevent further volatility in petrol prices across the country.
The latest round of increases followed Dangote Refinery’s decision to raise its petrol gantry price by ₦121, from ₦874 to ₦995 per litre, amid rising global crude oil prices which recently climbed above $90 per barrel.
