Nigerian Filling Stations Increase Fuel Prices Again

 

 Nigerian motorists are facing another increase in the price of Premium Motor Spirit, popularly known as petrol, as several filling stations across the country have raised their pump prices.

A market survey conducted on Monday showed that major marketers including MRS, Ranoil and Empire Energy adjusted their petrol prices to between ₦1,310 and ₦1,320 per litre, compared with previous prices ranging from ₦1,230 to ₦1,299 per litre.

The latest adjustments represent increases of between ₦20 and ₦80 per litre, depending on the marketer. MRS reportedly increased its price by ₦80 per litre, Ranoil by ₦45, while Empire Energy raised its price by ₦25. 

The development comes only days after the Dangote Refinery increased its petrol gantry price by ₦65, taking the price to ₦1,265 per litre. The adjustment has since begun to filter through the downstream petroleum market as marketers review their pump prices.

The latest increase is particularly significant because it comes despite a recent decline in international crude oil prices. Brent crude was trading at about $88.10 per barrel, while West Texas Intermediate stood at approximately $83.40 per barrel. 

However, the movement of crude oil prices does not immediately determine what Nigerians pay at the pump. Industry analysts have pointed to other factors, including domestic refining costs, product availability, exchange rates, transportation, marine logistics, storage, financing expenses, taxes and depot charges.

Depot prices have also remained elevated. Recent data showed PMS selling for as much as ₦1,217 per litre in Warri, ₦1,214 in Port Harcourt, ₦1,204 in Calabar and around ₦1,202 in Lagos. 

The latest pump-price increases are also coming amid an ongoing dispute over petrol imports and domestic refining.

The Dangote Refinery has previously criticised the issuance of petrol import licences to marketers, arguing that increased imports could undermine local refining. The refinery has also threatened to stop supplying importers and marketers, according to recent reports.