Premium Motor Spirit (PMS) prices have surged sharply across Nigeria as depot owners, including the Dangote Refinery, increased their ex-depot prices, citing a spike in global crude oil prices amid escalating conflict between Israel and Iran.
According to data from Petroleumprice.ng, Dangote Refinery raised its ex-depot petrol price to N840 per litre, up from N825 on Monday. Other major players followed suit:
Rainoil increased its price to N900 from N850
Fynefield moved from N879 to N930
Mainland now sells at N920, up from N857
Additional price data showed:
Sigmund: N920
Matrix Warri: N910
NIPCO: N895 (up from N827)
Aiteo: N840
This price escalation coincides with sustained gains in global crude oil benchmarks. As of Tuesday, Brent Crude traded at $75.63 per barrel, while West Texas Intermediate (WTI) stood at $74.03, according to Oilprice.com.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said global oil price volatility inevitably impacts the cost of refined petroleum products.
“On a general note, any cost shift in any of the components of producing refined products will certainly affect the price,” he said in an interview with DAILY POST.
However, the Natural Gas Senior Staff Association of Nigeria President, Festus Osifo, criticized the price hikes, accusing oil marketers of exploiting Nigerians. According to him, the current petrol pump price should be between N700 and N750 per litre.
As tensions in the Middle East persist and oil prices remain unstable, Nigerian consumers may continue to bear the brunt of rising fuel costs.
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