Motorists across Nigeria are grappling with fresh fuel price increases after the Nigerian National Petroleum Company Limited raised the pump price of Premium Motor Spirit (PMS) twice within 24 hours, following a gantry price hike by the Dangote Refinery.
The latest adjustment saw the national oil company increase the pump price of petrol from N967 to N1,082 per litre in Abuja and surrounding areas on Sunday, representing an additional N115 per litre.
The development came shortly after an earlier increase from N960 to N967 per litre, meaning NNPCL retail outlets have raised petrol prices by about N207 within less than a week, according to reports by Daily Post.
According to DAILY POST, the new price regime had already taken effect at several NNPCL retail stations across the Federal Capital Territory, including outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 6, Wuse Zone 4, and Lifecamp.
The price hike has also spread to private marketers, with filling stations such as MRS Oil Nigeria, AA Rano Nigeria Limited, Ranoil, and Empire Energy adjusting their pumps multiple times.
Fuel now sells between N1,092 and N1,150 per litre at many private outlets, up from earlier prices that ranged between N960 and N980 per litre.
Reacting to the sudden increases, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, attributed the surge in domestic petrol prices to volatility in the global crude oil market.
“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.
However, Gillis-Harry urged regulators in Nigeria’s oil sector to step in to prevent further instability in fuel prices.
The latest wave of price adjustments follows a major revision in the refinery’s ex-depot price.
The Dangote Refinery recently increased its petrol gantry price by N121 per litre, moving from N874 to N995, as international crude oil prices climbed above $90 per barrel.
The development has raised fresh concerns about the sustainability of petrol pricing in Nigeria’s deregulated downstream sector, with industry watchers warning that continued global tensions could push pump prices even higher in the coming weeks.
