Premium Motor Spirit, also referred to as petrol, has seen a sharp rise in price recently, which could make Nigerians’ financial difficulties worse.
The most recent hike in fuel prices was started by MRS, a filling station partner of Dangote Refinery, which changed its petrol pump prices in Lagos and the Federal Capital Territory, Abuja, to between N930 and N960 per litre.
The fuel pump prices of other fuel marketers, including Empire Energy, Recoil, Juda Oil, Total, Emedab, and others, likewise went up to N950 to N970 per liter.
The most recent hike in fuel prices was started by MRS, a filling station partner of Dangote Refinery, which changed its petrol pump prices in Lagos and the Federal Capital Territory, Abuja, to between N930 and N960 per litre.
The fuel pump prices of other fuel marketers, including Empire Energy, Recoil, Juda Oil, Total, Emedab, and others, likewise went up to N950 to N970 per liter.
Additionally, on Wednesday, the retail locations of the Nigerian National Petroleum Company Limited increased the price of their fuel from N880 per liter to N950.
This implies that in the upcoming days, drivers would have to spend N70 extra for a liter of gasoline.
The development coincides with Dangote Refinery suspending the sale of gasoline products in Naira. This comes after Dangote Refinery and the federal government, through NNPCL, began the naira-for-crude sale agreement.
President Bola Ahmed Tinubu announced a reorganization of the NNPCL on Wednesday.
Despite the drop in global crude prices, local oil costs in Nigeria are rising. At the time of this report, Brent oil was trading at $65.42 a barrel, down from $72 the previous week, while United States West Texas Intermediate was trading at $62.15 per barrel, down from above $65.
Meanwhile, Legit reported that there is tension in the downstream oil sector as players await the decision of the Nigerian government on the naira-for-crude deal between the National Petroleum Company Limited and the Dangote Refinery.
The six-month deal, which started in October last year, ends on March 31, 2025.
Stakeholders are eagerly waiting for the deal’s extension or a halt as the parties involved have yet to agree.
Following the delay in renewing the deal and the increase in crude oil prices, petrol prices have soared at filling stations nationwide.
Legit had reported that prices rose from N860 per litre to over N930 in one week. Dealers have blamed the increase on the inability of the Nigerian government to extend the naira-for-crude deal between refineries and the NNPC.
