The Nigerian National Petroleum Company Limited has increased the price of petrol, also known as Premium Motor Spirit, to N990 per litre in Abuja and N960 per litre in Lagos.
According to the PUNCH, the adjustment, which came into effect on Tuesday, reflects the ongoing changes in the petroleum market following the deregulation policy, allowing prices to align with global supply and demand dynamics.
At NNPCL outlets, the price increase from N965 to N990 per litre was observed in several Abuja stations, while prices in Lagos rose from N925 to N960 per litre. Other stations sold petrol at varying rates:
– AYM Shafa and Matrix: N1,000 per litre (Airport Road, Abuja)
– Shema Station: N1,030 per litre
– MRS, Heyden, and Ardova: N970 per litre
In Akwa Ibom, prices reportedly climbed to as high as N1,100 per litre.
A tricycle rider in Lagos expressed frustration over the rising prices, saying, “We thought they wanted to reduce the price, but it is going up again.”
Oil and gas expert Olatide Jeremiah attributed the price changes to market forces and global events. “The refinery, depot, and pump price changes are a reflection of market forces and a testament to the petroleum sector being deregulated. Deregulation is a major solution to fuel scarcity and price hikes,” he said.
He noted that the current hike is temporary and linked to global oil politics, including the past sanctions imposed on Russia by the US under President Biden.
While crude oil prices showed slight declines earlier in the week, Brent crude futures for March delivery dropped to $79.66 per barrel, with West Texas Intermediate (WTI) trading at $76.46 per barrel. However, prices rose marginally to $80.05 per barrel following market adjustments.
The Dangote Refinery, which began loading operations recently, has also influenced market trends. The refinery adjusted its ex-depot price of PMS to N955 per litre, impacting the pricing at depots and retail outlets across Nigeria.
A depot source confirmed that operations commenced smoothly on Monday, adding, “Marketers have increased their prices between N965 and N975 per litre at depots. At filling stations, prices exceed N1,000 in some locations.”
The price hikes have led to long queues at filling stations, with some stations still selling older stock at lower prices. A tricycle rider in Lagos lamented the impact on their daily income, saying, “Fuel price is affecting our business. We can’t carry as many passengers as before.”
