Retail outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) have effected an upward adjustment in the pump price of the Premium Motor Spirit, also known as petrol, to N945 per litre in the FCT on Monday.
The NNPCL increased petrol pump prices to ₦915 per litre at various Lagos retail stores, indicating a positive trend in the downstream market.
The newest rise is N45 and N35 in Lagos and Abuja, respectively, up from previous prices of N870 and N910 per litre.
The price modifications come only days after the Dangote Petroleum Refinery raised its ex-depot price of petrol from N825 to N880 per litre, provoking an industry-wide response.
Our correspondent reported that the new pricing was imposed at some NNPC-owned filling stations, putting further financial hardship on consumers already dealing with expensive transportation and living expenditures.
The new price of N945 per litre was prominently advertised at the NNPC retail location in the Federal Housing section of Kubwa, Abuja, with similar changes reported at the state-owned mega station on Obasanjo Way.
In Lagos, stations in Igando and along the Badagry Motorway displayed the revised N915 per litre pricing.
The rippling effect was also seen in private retail stores. MRS Filling Stations, a major partner of the Dangote refinery, increased pump prices in Lagos to ₦925 per litre, up from ₦875.
TotalEnergies followed suit with a new price of N910, while other marketers, such as Oluwafemi Arowolo Petroleum in Iba, raised prices to N920 a litre.
Depot sources verified to the press that key Lagos supply hubs, including Wosbab, Pinnacle, and NIPCO, have set PMS ex-depot rates between N920 and N925 per litre as of June 23, citing higher upstream expenses and international oil prices.
On the global stage, the intensifying dispute between the United States and Iran has continued to shock the oil market, with many predicting that crude oil prices will soon exceed $80 per barrel. A weekend bombing reportedly carried out by US-Israeli forces on Iranian nuclear sites has raised concerns about supply disruptions.
Concerned about this trend, independent marketers have warned that unless action is taken quickly, petrol prices may rise above ₦1,000 per litre in the coming weeks, owing to rising international oil prices and a weakening naira.
Olatide Jeremiah, Chief Executive Officer of PetroleumPrice.ng, claimed, “Private depots are likely to increase petrol prices to N1,000 in the coming days with the current trend observed in the market. If by tomorrow morning, crude prices increase to $80 or exceed 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 ₦880 for two million litres. Dangote remains a major determinant of petrol price.”
