Retail outlets owned by the Nigerian National Petroleum Company Limited have effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to N945 per litre in the Federal Capital Territory on Monday.
It also adjusted its petrol pump price to ₦915 per litre at several of its Lagos retail outlets, marking a fresh upward shift in the downstream retail market.
The latest increase marks a fresh spike of N45 and N35 in Lagos and Abuja, respectively, up from the previous prices of N870 and N910 per litre.
The price adjustments come just days after the Dangote Petroleum Refinery increased its ex-depot price of petrol from N825 to N880 per litre, sparking an industry-wide response.
Our correspondent observed the pricing was implemented across several NNPC-owned filling stations, intensifying the financial strain on consumers already grappling with high transportation and living costs.
At the NNPC retail outlet in the Federal Housing area of Kubwa, Abuja, the new price of N945 per litre was boldly displayed, with similar adjustments noted at the state-owned mega station along Obasanjo Way.
In Lagos, stations located in Igando and along the Badagry Expressway reflected the revised N915 per litre rate.
The ripple effect was also visible across private retail outlets. MRS filling stations, a strategic partner of the Dangote refinery, raised pump prices to N925 per litre in Lagos, up from N875.
TotalEnergies followed suit with a new price of N910, while other marketers like Oluwafemi Arowolo Petroleum in Iba pushed rates to N920 per litre.
Depot sources confirmed to The PUNCH that major supply hubs in Lagos, including Wosbab, Pinnacle, and NIPCO, have now set PMS ex-depot prices between N920 and N925 per litre as of June 23, citing rising upstream costs and international crude prices.
On the global front, the escalating conflict between the United States and Iran has continued to rattle the oil market, with analysts projecting that crude oil prices may soon cross the $80 per barrel threshold. A weekend airstrike reportedly carried out by US-Israeli forces on Iranian nuclear sites has stoked fears of supply disruptions.
Concerned by this trend, independent marketers have warned that unless there’s a swift intervention, petrol prices could climb above N1,000 per litre in the coming weeks, driven by surging international oil prices and a weakening naira.
The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, stated, “Private depots are likely to increase petrol price to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude price increases to $80 or exceeds that threshold, Nigerians would pay N1,000 at depots.
“The situation means they will take advantage of Nigerians, but we can only hope that Dangote maintains its current price, that is the only way depot owners won’t jack up the price anyhow. The price surge seen last week was basically because Dangote stopped selling for some days. But it has opened up its portal and is now selling at N880 for two million litres. Dangote remains a major determinant of petrol price.”
PUNCH
