Fresh pressure is mounting on petrol prices as the estimated landing cost of Premium Motor Spirit (PMS) has risen to ₦1,311.36 per litre, exceeding Dangote Petroleum Refinery’s current gantry price by ₦46.36.
The latest figure has raised concerns that pump prices could come under renewed pressure if international crude oil prices remain elevated.
According to the latest report by the Major Energy Marketers Association of Nigeria (MEMAN), the PMS landing cost stood at ₦1,311.36 per litre as of September 8, compared with a 30-day average of ₦1,216.34.
That represents an increase of ₦95.02 per litre over the monthly average.
Brent crude rises above $100
The increase comes amid a sharp rise in international crude oil and refined petroleum product prices.
Brent crude was trading at about $105 per barrel on Thursday, pushing up the estimated replacement cost of petrol.
The widening gap between the international landing cost and Dangote Refinery’s ₦1,265 per litre gantry price could increase pressure on domestic petrol prices if the trend continues.
However, Dangote Refinery has not announced any fresh adjustment to its PMS price.
Petrol prices remain mixed in Lagos
Checks in Lagos on Thursday showed that most filling stations had yet to make significant changes to their pump prices.
Several outlets were selling petrol between ₦1,290 and ₦1,310 per litre, although some stations had already moved above that range.
A motorist, Mr Emma, said he bought petrol at ₦1,330 per litre at Conoil in Ojota, Lagos.
He noted that some other major marketers had retained their existing prices.
“Mobil, Total, AP and Rainoil are still selling at the same prices,” a commercial driver operating on the Lagos Island-Ikeja route said.
Higher petrol prices could raise living costs
Motorists are increasingly concerned that another increase in petrol prices could trigger higher transportation costs and add to pressure on household expenses.
Industry watchers said sustained increases in crude oil and refined-product prices could eventually feed into domestic petrol prices, particularly if the gap between international replacement costs and local refinery prices continues to widen.
The latest development comes as Brent crude remains above the $100 per barrel mark, increasing the cost of crude feedstock and imported refined products.
For motorists and consumers, attention is now focused on whether the rising PMS landing cost will translate into higher pump prices in the coming days.
While Dangote Refinery has not announced a new PMS price, an industry expert said continued pressure from the international market could make another upward price review increasingly likely.
