The price of Premium Motor Spirit (PMS), commonly known as fuel, has significantly increased recently, potentially worsening the economic challenges faced by Nigerians.
The recent fuel price surge began with MRS, a partner filling station of Dangote Refinery, which raised its petrol prices to between N925 and N950 per litre in Lagos and Abuja.
Other fuel marketers, including Empire Energy, Recoil, Juda Oil, Total, and Emedab, have similarly increased their pump prices, now selling between N950 and N970 per litre.
On Wednesday, Nigerian National Petroleum Company Limited (NNPCL) retail outlets also adjusted their petrol prices upward to N950 per litre, previously at N880 in Abuja.
Summarily, motorists are expected to spend an additional N70 per litre of petrol in the coming days.
The hike in fuel prices coincides with Dangote Refinery’s suspension of petrol sales in naira, a move resulting from the new naira-for-crude exchange agreement between Dangote Refinery and the federal government via NNPCL.
President Bola Ahmed Tinubu announced changes in NNPCL’s management on Wednesday.
Local petrol prices continue to rise despite falling global crude oil prices. Currently, US West Texas Intermediate crude oil stands at $62.15 per barrel, down from over $65, while Brent crude is priced at $65.42 per barrel, decreasing from $72 last week.
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