Nigerian petroleum product marketers and filling station owners have implemented significant price increases for Premium Motor Spirit (PMS), commonly known as petrol, BenriNews reports on Friday.
A survey of major filling stations in the Federal Capital Territory, Abuja, revealed that members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have hiked their fuel prices by between N35 and N45 per litre.
At Empire Energy filling station in Gwarimpa, the petrol pump price rose to N955 per litre from the previous N910. Similarly, other major retailers including AA Rano and Eterna increased their pump prices within Abuja to N935 per litre, up from between N900 and N905.
Global Oil Price Surge Behind Local Increases
Speaking to BenriNews, IPMAN National President Abubakar Maigandi attributed the latest hike in domestic petrol prices to the global oil price surge, noting that fuel price fluctuations are directly linked to global oil market trends.
"This is because of the change in crude oil prices, which has affected the domestic premium motor spirit price. You will see that there are changes in prices. Nevertheless, when the crude oil price comes down, the local petrol price will still reduce," Maigandi explained.
He further clarified the pricing mechanism for IPMAN members: "For IPMAN members, we don't buy much stock; automatically, when our stock finishes, we source a new one, and additional prices have been added to fresh stocks. That's why you are seeing new prices now. The beautiful thing is that the product is available everywhere."
Middle East Tensions Impact Global Oil Markets
As of Friday evening, international oil benchmarks showed significant increases, with Brent Crude trading at $77.04 per barrel and West Texas Intermediate at $75 per barrel. These price movements follow the escalation of conflict between Israel and Iran, creating uncertainty in global energy markets.
The price increases come at a challenging time for Nigerian consumers who have already faced multiple fuel price adjustments in recent months, raising concerns about transportation costs and the broader impact on inflation.
Despite the price increases, IPMAN has assured consumers that petrol remains available across filling stations nationwide, which should prevent artificial scarcity situations that have historically accompanied price adjustments.
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