Dangote Petrol Price Hike Pushes Abuja Pump Prices Higher

Petrol prices in Abuja have increased at several filling stations after another rise in Dangote Refinery’s ex-depot price.

Many filling stations across the Federal Capital Territory (FCT) have raised their pump prices, leaving motorists to pay more for Premium Motor Spirit (PMS), commonly known as petrol.

The latest increase comes despite a fall in international crude oil prices. Benchmark crude prices dropped from around $92 to $87.31 per barrel. Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) fell 0.16 per cent to $83.40 per barrel.

Meanwhile, Dangote Refinery has continued to increase its gantry price. The refinery first raised the price from N1,165 to N1,185 per litre, followed by further increases to N1,200 and, most recently, N1,265 per litre within the past week.

The latest adjustment represents a N65 increase per litre from the previous ex-depot price of N1,200.

The higher cost has already affected retail petrol prices in Abuja. Checks on Sunday showed that several major filling stations had adjusted their pump prices.

AY Shafa increased its price from N1,250 to N1,270 per litre, while Optima raised its price from N1,260 to N1,300 per litre. NNPC retail outlets also moved their pump price from N1,250 to N1,270 per litre.

Economist Samson Ogunjimi expressed concern about the growing financial burden on households and businesses. He described the rising cost of petrol as increasingly difficult for Nigerians who are already dealing with higher transport and living expenses.

Ogunjimi called on the federal government to take steps to stabilise petrol prices and reduce the pressure on consumers and businesses.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers had little choice but to adjust their prices following Dangote Refinery’s repeated increases.

According to Ukadike, marketers cannot keep selling petrol below replacement cost, especially when the amount needed to replenish their stocks continues to change.

He also warned that frequent price movements are creating uncertainty for both marketers and consumers, as the cost of petroleum products can change several times within a short period.

With Dangote Refinery’s latest increase already reflected at filling stations, motorists in Abuja now face another rise in fuel costs despite the recent decline in global crude prices.

How much longer can households and businesses cope with rising petrol prices?