Lagos, Nigeria – Several filling stations across Nigeria have increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, following a fresh adjustment in prices by the Dangote Petroleum Refinery. The development has triggered concerns among motorists and businesses already grappling with the rising cost of living.
A market survey conducted on Thursday showed that major independent marketers, including stations supplied by Dangote Refinery, have adjusted their pump prices upward in response to the refinery's latest ex-depot price review. The increase has been reflected in several cities, including Lagos, Abuja, Kano, Port Harcourt, and other parts of the country.
The latest adjustment follows Dangote Refinery's decision to raise its loading price for petrol after recent increases in global crude oil prices and higher operating costs. Industry analysts say the move is expected to affect retail pump prices nationwide as marketers pass the additional costs on to consumers.
Motorists expressed frustration over the fresh increase, noting that transportation costs and the prices of essential goods are likely to rise further. Commercial drivers also warned that they may have no option but to increase transport fares to offset the higher fuel costs.
Energy experts explained that the deregulated downstream petroleum sector allows marketers to adjust pump prices based on prevailing market conditions, including crude oil prices, foreign exchange rates, logistics, and depot costs. They added that fluctuations in these factors will continue to influence fuel prices across the country.
The latest development comes just weeks after consumers enjoyed slight reductions in petrol prices at some retail outlets, underscoring the volatility of Nigeria's deregulated fuel market. While industry stakeholders expect competition among marketers to continue, they warn that global oil market uncertainties could lead to further price adjustments in the coming weeks.
The increase is expected to have a ripple effect on transportation, manufacturing, food prices, and other sectors of the economy, placing additional financial pressure on households and businesses nationwide.
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