The price of Premium Motor Spirit (PMS), commonly known as fuel, has risen sharply in Nigeria, adding to the economic difficulties many citizens already face.
MRS, a major fuel retailer and a partner of Dangote Refinery, was among the first to increase its petrol price. The company adjusted its pump price to between N925 and N950 per litre in Lagos and Abuja, setting off a wave of similar increases across the country.
Following MRS’s move, other fuel marketers, including Empire Energy, Recoil, Juda Oil, Total, and Emedab, also raised their pump prices. The new rates range between N950 and N970 per litre, marking a significant jump from previous prices.
On Wednesday, the Nigerian National Petroleum Company Limited (NNPCL) joined the trend, increasing its retail fuel price from N880 to N950 per litre in Abuja. This means motorists now have to pay an additional N70 per litre, a situation that could further strain household budgets and transportation costs.
The price increase comes at a time when Dangote Refinery has suspended selling petrol in Naira, following the initiation of a naira-for-crude sales agreement between the refinery and the federal government through NNPCL. This new deal has reportedly impacted the local market, causing uncertainty among fuel marketers and consumers.
Meanwhile, despite the rising petrol prices in Nigeria, global crude oil prices have dropped. As of the latest market update, West Texas Intermediate (WTI) crude stood at $62.15 per barrel, down from over $65, while Brent crude fell to $65.42 per barrel, down from $72 the previous week.
In a related development, President Bola Ahmed Tinubu announced a reshuffling of NNPCL’s leadership on Wednesday, a move some analysts believe could influence the direction of the country’s oil sector in the coming months.
