Nigerian filling stations have implemented a significant increase in the pump price of premium motor spirit (PMS) following upward adjustments in ex-depot prices by Dangote Refinery and other depot owners across the country.
BenriNews correspondents report that Empire Energy and Ranoil filling stations in Gwarimpa and other parts of Abuja have raised their petrol pump prices considerably. As of Saturday morning, Empire Energy increased its price to N935 per litre from N905 the previous night, while Ranoil now sells at N970 per litre, up from N900.
In an exclusive interview with BenriNews, the spokesman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, attributed the latest price hike to increases in ex-depot prices by major suppliers.
"The supplying depots and Dangote Refinery have increased their ex-depot petrol prices," Ukadike explained. "As of Friday pricing, Dangote Refinery's ex-depot price is N858 per litre, up from N820. Other depot owners have also implemented increases, with NIPCO now at N870, Aiteo at N855, and Ranoil at N855."
According to Ukadike, the ex-depot price adjustments are primarily driven by exchange rate fluctuations and global crude oil market dynamics, despite recent drops in international crude prices.
Meanwhile, Nigerian National Petroleum Company (NNPC) stations, along with MRS, Optima, and AP Ardova filling stations, were still dispensing petrol at relatively lower rates of N890 and N885 per litre respectively in Abuja as of the time of filing this report.
Market analysts note that the price increases come at a time when Brent and West Texas Intermediate crude futures have actually fallen to $69.67 and $67.33 respectively as of Saturday morning, according to data from oilprice.com, raising questions about the correlation between local fuel prices and global oil markets.
The price hike is expected to further impact transportation costs and potentially trigger increases in the prices of goods and services across the country, adding to the economic challenges already facing many Nigerians.
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