Dangote price hike pushes Abuja petrol prices to N1,300/litre

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Many filling stations across the Federal Capital Territory have increased the pump price of Premium Motor Spirit, popularly known as petrol.

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The development came despite a decline in international crude oil prices from $92 per barrel to $87.31 per barrel.

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Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate fell 0.16 per cent to $83.40 per barrel.

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The News Agency of Nigeria reports that Dangote Refinery increased its gantry price, or ex-depot price, from N1,165 per litre to N1,185, and subsequently to N1,200 and N1,265 within the last one week.

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The latest adjustment represents a N65 per litre increase from the previous gantry price of N1,200.

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The increase has been reflected in pump prices across the FCT.

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Checks by NAN on Sunday in Abuja showed that several filling stations had adjusted their petrol prices upward, with motorists paying more for the product.

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NAN observed that AY Shafa increased its pump price from N1,250 to N1,270 per litre, while Optima retail outlet raised its price from N1,260 to N1,300 per litre.

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Also, NNPC adjusted its price from N1,250 to N1,270 per litre.

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An economist, Samson Ogunjimi, expressed concern over the growing financial pressure on livelihoods caused by soaring fuel prices.

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He said the situation was unbearable, with many people struggling to cope with the ripple effects on their livelihoods.

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Ogunjimi called on the Federal Government to urgently intervene by stabilising fuel prices to ease the economic burden on Nigerians.

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The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers reviewed their pump prices following a series of adjustments by Dangote Refinery.

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Ukadike said marketers could not continue to sell petrol below the replacement cost.

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He said the frequent price changes were creating uncertainty for both marketers and consumers, as the cost of replacing products could change significantly within a short period.

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NAN

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