Petrol prices have continued to rise across several filling stations in the Federal Capital Territory (FCT) following an increase in the wholesale price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.
The refinery reportedly increased its gantry price by ₦85, moving it from ₦1,265 to ₦1,350 per litre amid rising international crude oil prices.
The adjustment represents an increase of about 6.7 per cent and places the refinery’s wholesale price above the reported current petrol landing cost of approximately ₦1,311 per litre.
Brent crude, the international benchmark for Nigeria’s oil, was reportedly trading around $108.21 per barrel, up from about $107.92 per barrel.
The increase has added pressure on downstream operators, with several filling stations in Abuja already adjusting their pump prices upward. Motorists could face further increases in the coming days, potentially resulting in higher transportation costs and additional financial pressure on households.
Checks in Abuja reportedly showed that MRS retail outlets raised their pump price from ₦1,350 to ₦1,395 per litre, while NIPCO outlets increased theirs from ₦1,350 to ₦1,430 per litre. Mobil outlets also reportedly adjusted their prices from ₦1,350 to ₦1,400 per litre.
A petrol attendant at an MRS station said the current price reflected the sale of existing stock and warned that the price could rise further once new supplies arrive.
An economist and development expert, Dr Aliyu Ilias, warned that another increase in petrol prices could worsen inflation and deepen the financial strain on Nigerians.
According to him, higher fuel prices would likely increase transportation and production costs, with the impact eventually reflected in the prices of food and other essential commodities.
Ilias said rising production and transportation expenses could put additional pressure on inflation figures and reduce consumers’ purchasing power.
Former Secretary-General of the Organisation of African Trade Union Unity, Mr Owei Lakemfa, also called on the Nigerian government to develop measures capable of protecting consumers from sudden increases caused by fluctuations in global oil prices.
Lakemfa argued that Nigeria, as an oil-producing country with a large population, should have stronger economic planning and regulatory mechanisms to cushion citizens from sharp movements in petroleum prices.
He noted that geopolitical tensions and conflicts involving major oil-producing and consuming countries could affect international crude prices and disrupt the movement of petroleum products.
The former labour leader also stressed the advantages of refining crude domestically, arguing that locally refined fuel should not carry the same additional costs associated with importing petroleum products, including shipping, insurance, labour and other expenses.
He urged the government to strengthen planning and regulation so that domestic petrol prices do not automatically rise whenever there is an international geopolitical crisis.
Lakemfa also raised concerns about the structure of Nigeria’s downstream petroleum market, saying elements of oligopoly and monopoly could give major industry players significant influence over prices.
He called for stronger oversight by regulatory and consumer protection agencies to prevent excessive influence over the price of petrol, which remains a critical commodity for households and businesses.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers had been adjusting their pump prices in response to repeated changes in the Dangote refinery’s pricing.
Ukadike noted that the frequent price adjustments were creating uncertainty for marketers and consumers because the cost of replacing existing fuel stocks could change within a short period.
With crude oil prices remaining elevated and domestic wholesale prices continuing to shift, motorists and businesses in Abuja may face further changes in petrol prices in the coming days.
