By Kolawole Omotola Olaide
Several filling stations across Nigeria have increased the pump price of Premium Motor Spirit (PMS), with motorists in Abuja and nearby areas now paying as much as N1,220 per litre.
A market check on Thursday showed that major independent marketers, including AA Rano and Ranoil, raised their petrol prices from the previous range of N1,170 to N1,180 per litre to N1,220 per litre, representing an increase of between N40 and N50 per litre.
Despite the latest adjustment by some marketers, the Nigerian National Petroleum Company Limited (NNPCL) and several other retail outlets maintained their existing prices, which ranged between N1,155 and N1,205 per litre as of Thursday.
The increase in retail prices follows a recent rise in ex-depot petrol prices, which climbed from around N1,090 per litre to between N1,125 and N1,175 per litre, putting additional pressure on fuel marketers.
The development also comes after Dangote Refinery resumed the sale of refined petroleum products in United States dollars, with petrol priced at $0.799 per litre, equivalent to about N1,075 per litre based on prevailing exchange rates.
Meanwhile, the refinery recently dismissed reports claiming it had suspended petrol loading at its gantry, describing the reports as false and reaffirming that product loading operations were continuing.
On the international oil market, crude prices recorded a slight decline on Thursday, with Brent crude trading around $84 per barrel while West Texas Intermediate (WTI) hovered near $78 per barrel.
Industry observers say motorists and businesses will continue to monitor developments in the downstream petroleum sector amid concerns over the impact of rising fuel prices on transportation costs and the general cost of living.
