Nigerians might face additional challenges in satisfying their energy needs due to the recent increase in petrol prices nationwide, driven by adjustments from fuel marketers.
According to a survey, the price of Premium Motor Spirit (PMS), commonly referred to as petrol, now ranges between N1,395 and N1,460 per litre at various filling stations, including those operated by MRS, NNPC, NIPCO, Mobil, as well as other independent and major marketers.
The increase was linked to the internationally Brent crude prices that hit $107 per barrel last week which was a six-week high before it dropped to $104 as of yesterday.
Dangote Refinery had raised its PMS gantry price by N85 per litre, from N1,265 to N1,350 per litre.
The new price comes amid a sharp rise in international crude oil prices and higher petroleum product replacement costs, with PMS landing cost now at N1,311 per litre. The latest adjustment puts Dangote’s ex-gantry price above the current landing-cost benchmark.
The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) expressed dismay over the increase and said it is beyond the federal government.
The National Publicity Secretary of IPMAN, Chinedu Ukadike said, “This price of crude oil is beyond the government. It is because of the crisis in the Strait of Hormuz. The more the tension continues in the Strait of Hormuz, the more crisis we will have with the cost of crude oil in the international market.”
The sudden increase has drawn sharp criticism from commercial drivers and private vehicle owners who are struggling under persistent inflationary pressure.
Commercial bus drivers have also increased the transport date, claiming that higher fuel costs leave them with little choice but to pass the burden onto passengers.
“We cannot purchase fuel at N1,400 per liter without having to adjust our fares. The prices are simply too steep for us to handle on our own. We still have to maintain our vehicles and support our families, bus driver Kabiru Lawal explained to The Flagship News.
