Filling stations have started adjusting their fuel pump prices following the increase in ex-depot prices
New data from the Major Energy Marketers Association of Nigeria (MEMAN) on Wednesday, March 27, indicated that the landing cost of imported petrol rose by NN22 per litre.
Fuel station owners have changed the price of one litre of Premium Motor Spirit, popularly known as petrol.
Checks show that filling stations have increased their pump prices to between N890 to N900 per litre.
The new prices represent an increase of over N30 when compared to the previous average of N870 per litre.
Aside from the price change, many filling stations in Lagos were also closed, with workers standing around.
Aliyu, a manager at a filling station visited by Legit.ng, confirmed the price changes.
He explained: “We got the instructions from the headquarters on Wednesday to stop selling and on Thursday evening to adjust our pumps from N875 per lire to N900 per lire.
“We are still expecting further increase. But for now we sell at N900 per litre.”
Legit.ng visited NNPC filling stations, where prices remained at N860 per litre, while Ardova filling station in Ikotun sold at N875 per litre.
Mobil filling stations have also adjusted their pump price to N900, while Matrix sells just above N900.
This represents an increase of N88 in one week compared to the previous price of N797.
According to BusinessDay, depot owners also raised prices, with private depots in Lagos increasing loading costs to about N900 per litre, up from under N850 before the announcement.
Matrix Warri increased its depot price by N22, from N852 to N875 per litre, while Zamson Depot raised its price from N853 to N875 per litre.
Rainoil Depot also increased its price from N853 to N875 per litre, while Pinnacle Warri and Sobaz adjusted their prices from N854 and N850 to N870 and N875 per litre, respectively.
The development followed Dangote Refinery’s decision to halt the sale of petrol in naira, citing a mismatch between sales proceeds and crude oil purchase obligations.
Dangote said: “To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency.”
