Petrol prices have increased across Abuja, with independent petroleum marketers attributing the latest adjustment to repeated increases in the gantry price of Premium Motor Spirit, PMS, by the Dangote Refinery.
The Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said marketers had been forced to review their pump prices following a series of adjustments by the refinery over the past week.
According to him, the Dangote Refinery increased its gantry price from N1,165 per litre to N1,185 and subsequently to N1,200 per litre within seven days.
“Every time Dangote increases his price, our price will also rise,” Ukadike said, explaining that marketers could not continue to sell petrol below the replacement cost.
The latest adjustment has been reflected in pump prices across the Federal Capital Territory.
TotalEnergies stations also raised their price from N1,250 to N1,275 per litre, while Bovas stations adjusted their pump price from N1,253 to about N1,275 per litre.
Ukadike said the frequent changes were creating uncertainty for both marketers and consumers, as the cost of replacing products could change significantly within a short period.
He, however, said petrol price fluctuations were not solely attributable to local refinery prices, noting that international crude oil prices, foreign exchange movements and geopolitical developments affecting global oil supplies also influenced the market.
