Abuja petrol prices rise after Dangote price hike

Petrol prices have increased across Abuja following successive increases in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Refinery.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) Public Relations Officer, Chief Chinedu Ukadike, said marketers were forced to adjust their pump prices after the refinery raised its gantry price within a week.

According to Ukadike, the price increased from N1,165 per litre to N1,185 and later N1,200.

“Every time Dangote increases his price, our price will also rise,” he said, explaining that marketers could not continue selling below the replacement cost.

Checks in Abuja on Thursday showed that NNPC Retail stations had increased their pump price from N1,250 to N1,270 per litre.

TotalEnergies stations raised their price from N1,250 to N1,275, while Bovas stations moved from N1,253 to about N1,275 per litre.

Ukadike said the frequent price changes were creating uncertainty for marketers and consumers, as replacement costs could change significantly within a short period.

He noted, however, that petrol price fluctuations were influenced by other factors, including international crude oil prices, foreign exchange movements and global oil supply disruptions.

The IPMAN spokesman said continued volatility in petrol prices could increase transportation costs and subsequently push up the prices of goods and services.

He also expressed optimism that the Dangote Refinery’s free transportation initiative for petroleum marketers could help reduce distribution costs and moderate pump prices.

Ukadike called for greater support for domestic refineries, particularly improved access to crude oil, saying increased local refining would strengthen competition and reduce Nigeria’s dependence on imported petroleum products.