The price of Premium Motor Spirit (PMS), popularly known as petrol, has continued its upward trend across Nigeria over the past two weeks, with retail prices rising sharply following fresh increases by major marketers and refiners.
A market survey by Nigerian Newssphere on Sunday showed that petrol pump prices in Abuja and its environs have increased from between N1,155 and N1,205 per litre to between N1,300 and N1,335 per litre.
The latest adjustments indicate that motorists are now paying between N95 and N185 more per litre compared to prices recorded two weeks ago.
The fresh hike follows price increases by Dangote Refinery, depot owners, petroleum marketers, and the Nigerian National Petroleum Company (NNPC) Limited.
Findings by Nigerian Newssphere showed that several depot owners and marketers have revised their ex-depot and retail prices at least twice within the past two weeks, reflecting persistent volatility in the downstream petroleum market.
Recall that Dangote Refinery suspended the sale of refined petroleum products in naira on July 15 before announcing the resumption of naira-denominated petrol sales on July 22.
Despite the resumption, fuel prices have continued to climb amid supply uncertainties and rising international crude oil prices.
The country’s downstream oil sector has also remained under pressure as escalating geopolitical tensions in the Middle East continue to drive crude oil prices higher.
As of the time of filing this report, West Texas Intermediate (WTI) crude traded at $89 per barrel, while Brent crude stood at $96 per barrel, amid heightened tensions in the Gulf region. The continued attacks and counterattacks involving Iran, the United States, and Israel have added to global supply concerns, pushing oil prices upward.
Meanwhile, the latest retail petrol prices in Abuja include:
NNPC Limited – N1,335 per litre
MRS – N1,305 per litre
AA Rano – N1,330 per litre
NIPCO – N1,330 per litre
Mobil – N1,330 per litre
AP Ardova – N1,330 per litre
Empire Energy – N1,320 per litre
Ranoil – N1,300 per litre
Conoil – N1,300 per litre
