Abuja filling stations increase petrol pump prices

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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.