NIGERIA; Petrol Price Hikes To N1,150 As Dangote Refinery Adjusts Rates

By Ameenat Hamzat, Lagos, Nigeria 

The pump price of Premium Motor Spirit, popularly known as petrol, has risen to between N1,050 and N1,150 per litre, in different locations across, following a hike in rates by the Dangote Petroleum Refinery and other private depot owners.

Dealers have also warned that PMS prices will continue to climb due to the rising cost of crude oil globally.

The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, confirmed this development in a statement.

“The crude price rose to $80 per barrel today (Thursday). Without exchange rate improvements, PMS prices will increase in the coming weeks,” Osifo said.

Following Dangote’s rate adjustment, private depots raised their prices.

Sahara Depot increased to N970/litre, Pinnacle Depot to N970 from N921, and Rainoil Depot now sells at N970.

In Calabar, Alkanes Depot set its rate at N1,000/litre.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) forecasted significant increases in retail prices.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, in a statement, said; “Yes, Dangote has increased its price to N955. This is only because of the increase in Brent crude. Once it increases, the domestic production cost will also increase.

“Nigerians will likely pay over N1,150 at faraway locations, while locations close to the depot will pay N1,100. This is because we will add about N50 logistics costs.”

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) also highlighted the additional regulatory charges affecting retail prices.

PETROAN National President, Billy Gillis-Harry also mentioned that; “It is difficult to do effective amateur projections on price modulation. Prices will be influenced by production, logistics, and PIA provisions for pricing. We may see prices exceeding N1,000/litre soon.”