Fuel prices across Nigeria have surged again following a fresh increase in the gantry price of petrol by the Dangote Petroleum Refinery, pushing pump prices to as high as N1,400 per litre in some locations.
Checks on Monday showed that the price of Premium Motor Spirit (PMS), commonly known as petrol, rose significantly after the refinery increased its gantry price to about N1,175 per litre. Diesel, also known as Automotive Gas Oil (AGO), climbed to around N1,750 per litre at several filling stations.
Despite the rising cost of fuel, the administration of Bola Ahmed Tinubu has yet to publicly comment on the latest increase. Efforts to obtain a response from presidential spokesperson Sunday Dare were unsuccessful as of the time the report was filed.
Market checks in Abuja revealed that some filling stations, including outlets operated by Ranoil and Empire Energy, adjusted their retail prices to between N1,350 and N1,400 per litre for petrol shortly after the refinery’s price revision.
Meanwhile, an official at an outlet of MRS Oil Nigeria in Abuja said the station planned to raise its pump price to N1,200 per litre starting Tuesday. According to the manager, the outlet had temporarily run out of petrol on Monday but expected new supplies following the adjustment.
Industry data indicate that petrol prices have increased by more than N500 per litre in recent months at outlets operated by the Nigerian National Petroleum Company Limited and other marketers.
The refinery attributed the latest adjustment to volatility in the international crude oil market. Global oil prices have been fluctuating sharply amid geopolitical tensions linked to the conflict involving the United States, Israel and Iran.
Transport operators in Abuja say the higher fuel cost is already affecting fares. A taxi driver operating on the Dei-Dei to Area 1 route reported increasing his fare from N1,200 to N1,500 per trip to offset fuel expenses.
Industry stakeholders have warned that the situation could worsen if global oil prices continue to rise. The national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, cautioned that petrol and diesel prices could climb to N2,000 and N3,000 per litre respectively if no stabilising measures are introduced.
Similarly, Chinedu Ukadike of the Independent Petroleum Marketers Association of Nigeria said marketers typically sell fuel based on their purchase cost from depots and the refinery.
