Dangote Refinery and several petroleum products depot owners have implemented significant increases in their ex-depot prices for premium motor spirit (PMS) as the Israel-Iran conflict enters its fifth day, causing spikes in global oil prices.
According to data from Petroleumprice.ng, Dangote Refinery has raised its petrol price from N825 to N840 per litre as of Monday. Other major players have followed suit with even steeper increases. Rainoil's price surged from N850 to N900 per litre, while Fynefield and Mainland increased their prices to N930 and N920, representing jumps of N51 and N63 respectively.
Additional data reveals that Sigmund is now selling at N920 per litre, Matrix Warri at N910, and NIPCO has increased its price from N827 last week to N895. Aiteo is currently selling petrol at N840 per litre.
Global Oil Market Impact
The price adjustments come as crude oil prices maintain their upward trajectory. As of Tuesday, Brent crude stood at $75.63 per barrel, while West Texas Intermediate futures were at $74.03 per barrel, according to Oilprice.com.
Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, explained the situation: "On a general note, any cost shift in any of the components of producing refined products will certainly affect the price."
However, Festus Osifo of the Natural Gas Senior Staff Association of Nigeria has accused oil marketers of exploiting Nigerians through inflated petrol prices. According to him, the current petrol pump price should be between N700 and N750 per litre.
Strike Action Suspended
Meanwhile, BenriNews reports that tanker drivers and members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have suspended their strike. The industrial action was initially launched to protest the Lagos State Government's decision to increase the electronic truck call-up parking fee from N2,500 to N12,500.
The ongoing price adjustments and market volatility have raised concerns among consumers and businesses already struggling with the economic impact of high fuel prices.
Nigeria continues to maintain its dominance in Africa's crude production with 1.544 million barrels per day, according to OPEC, despite these market challenges.
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