Hardship Deepens In Nigeria As Petrol Price Jumps To N1,430
Many filling stations across the Federal Capital Territory, FCT, have continued to increase the pump price of Premium Motor Spirit, PMS, popularly known as petrol.
The latest adjustment followed an N85 increase in Dangote Petroleum Refinery’s gantry price, from N1,265 to N1,350 per litre, amid a surge in global crude oil prices.
This represents a 6.7 per cent increase and takes the refinery’s wholesale price above the current petrol landing cost of N1,311 per litre. Brent crude, the benchmark for Nigeria’s oil, was trading at about 107.92 dollars per barrel, and now to 108.21 dollars per barrel.
Checks by the News Agency of Nigeria, NAN, on Sunday in Abuja showed that some filling stations had started adjusting their prices upward.
NAN observed that MRS retail outlets increased pump price from N1,350 to N1,395 per litre, while NIPCO retail outlets raised pump price from N1,350 to N1,430 per litre. Mobil outlets also increased from N1,350 to N1,400 per litre.
A petrol attendant at an MRS filling station, who pleaded anonymity, said the price could increase further from tomorrow once new stock arrives.
Economist Dr Aliyu Ilias said the increase could worsen inflation and deepen hardship, as higher transport and production costs will affect food and essential commodities.
Former Secretary-General of the Organisation of African Trade Union Unity, OATUU, Mr Owei Lakemfa, said Nigeria must shield consumers from global fluctuations and strengthen regulation, noting that domestic prices should not automatically rise whenever there is a geopolitical crisis abroad.
The National Publicity Secretary of IPMAN, Chinedu Ukadike, said marketers reviewed pump prices following adjustments by Dangote refinery, creating uncertainty for marketers and consumers.
