Nigerians are once again grappling with rising fuel costs after a fresh increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, was recorded across the country.
The latest adjustment has been linked by industry players to fluctuations in global crude oil prices, even as households and businesses express growing concern over the economic pressure it adds to transportation and living costs.
New Petrol Prices Across Filling Stations
Reports indicate that Nigerians woke up on Friday to new pump prices at filling stations nationwide.
The ₦20 billion Dangote Refinery reportedly adjusted its ex-depot price upward by about ₦50, representing a 5 percent increase, moving from ₦899.50 to ₦950 per litre.
Following this adjustment, retail prices also shifted. Petrol now sells between approximately ₦970 and ₦1,150 per litre depending on location and supply arrangements.
At stations operating under direct supply agreements with Dangote Refinery—such as MRS outlets—fuel is currently sold at about ₦970 per litre, compared to the previous ₦935.
Meanwhile, outlets operated by the Nigerian National Petroleum Company Limited (NNPC) have increased their pump price to around ₦999 per litre, up from ₦965. Other independent marketers now sell petrol within the ₦1,040 to ₦1,150 range across different parts of the country.
Dangote Refinery Attributes Increase to Global Oil Market
In response to public concerns, Dangote Refinery explained that the price adjustment was driven primarily by rising international crude oil prices.
According to a statement issued by its spokesperson, Anthony Chijiena, Brent crude rose from about $70 per barrel to $82 per barrel within a short period, marking a significant increase that directly impacts refining costs.
The refinery emphasized that crude oil remains the primary raw material for petrol production, meaning any global price movement inevitably affects local fuel pricing.
It further noted that it has absorbed approximately 50 percent of the total cost increase in the global oil market in an effort to reduce the burden on consumers.
Without this intervention, the company argued, petrol prices could have climbed as high as ₦1,150 to ₦1,200 per litre in some locations instead of the current average of around ₦970 in partner stations.
Dangote Refinery also stated that despite adjusting its ex-depot price from ₦899.50 to ₦950 per litre, it has maintained a relatively moderate increase compared to the roughly 15 percent rise in global crude prices.
It added that logistics costs have also been partially absorbed to ensure relatively uniform pricing across the country.
Marketers Support Explanation, Cite External Pressures
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) also attributed the price hike to global market dynamics.
Speaking through its spokesperson, Joseph Obele, and referencing comments by its National President, Billy Gillis-Harry, the association explained that local fuel pricing is directly tied to international crude oil trends.
According to the group, marketers are compelled to adjust pump prices in line with changes in landing costs, stressing that retailers do not set prices arbitrarily.
They also noted that constant fluctuations in crude oil prices have made fuel retailing increasingly difficult, affecting business planning and operations across the downstream sector.
Nigerians React to Rising Costs
The price adjustment has triggered widespread concern among Nigerians already facing high inflation and increasing transportation costs.
The Deputy President of the Nigeria Labour Congress Political Commission, Professor Theophilus Ndubuaku, warned that the new fuel price would further worsen inflation, particularly affecting food distribution and transport fares.
He noted that the impact of fuel price increases is far-reaching, as it directly influences the cost of goods and services nationwide.
Similarly, an Abuja resident, Suleiman Abubakar, expressed concern that daily living conditions would become even more difficult in the coming weeks if prices continue to rise.
Economic Pressure Continues to Build
The latest fuel price adjustment adds to ongoing economic pressures in Nigeria, where households are already dealing with currency fluctuations, inflationary trends, and rising transport costs.
With global crude oil prices remaining unstable, industry stakeholders suggest that domestic fuel pricing may continue to reflect international market movements in the near term.
For now, consumers are left to adjust once again to higher fuel costs, as both refiners and marketers maintain that global oil dynamics remain the key driver of current pricing trends.
