Retail stations operated by the Nigerian National Petroleum Company Limited (NNPCL), on Monday, adjusted the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦945 per litre in Abuja and ₦915 in Lagos.
These adjustments represented a ₦35 increase in the Federal Capital Territory (FCT) and a ₦45 rise in Lagos, up from previous prices of ₦910 and ₦870 per litre, respectively.
The new rates followed Dangote Petroleum Refinery’s recent ex-depot price hike from ₦825 to ₦880 per litre, which has triggered an industry-wide ripple effect.
It was gathered that the price changes have been implemented at several NNPCL retail stations.
At the NNPC outlet in the Federal Housing area of Kubwa, Abuja, the new rate of ₦945 per litre was prominently displayed. A similar adjustment was noted at the NNPC mega station along Obasanjo Way in Abuja.
In Lagos, NNPC stations in Igando and along the Badagry Expressway were seen selling petrol at ₦915 per litre.
The ripple effect extended to private retailers. MRS filling stations, a strategic partner of the Dangote Refinery, revised their pump price to ₦925 per litre in Lagos, up from ₦875.
TotalEnergies also adjusted its rate to ₦910, while Oluwafemi Arowolo Petroleum in Iba now sells at ₦920.
Depot operators who spoke to reporters have confirmed that key supply hubs in Lagos like Wosbab, Pinnacle, and NIPCO, have pegged ex-depot prices between ₦920 and ₦925 per litre as of June 23, citing rising upstream costs and fluctuating international crude oil prices.
An alleged airstrike by United States-Israeli forces on Iranian nuclear facilities over the weekend has escalated fears of supply disruptions, fueling projections that crude oil prices could soon surpass $80 per barrel.
Independent marketers have said that pump prices could exceed ₦1,000 per litre in the coming weeks unless immediate intervention occurs.
The Chief Executive Officer (CEO) of PetroleumPrice, Olatide Jeremiah, stated that, “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.”
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