The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen once again—this time from ₦905 to ₦955 per litre—at retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC) and independent marketers. This marks the second price hike in less than a week, intensifying the economic strain on Nigerians.
The new increase comes amid a sharp rise in the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, which has skyrocketed from ₦1,000 per kilogram two weeks ago to ₦3,000 this week. Consequently, refilling a 12.5kg cylinder now costs about ₦37,500, up from ₦12,500, in major cities like Abuja and Lagos.
Residents of Abuja have confirmed that NNPC retail stations in areas such as Gwarimpa, Kubwa Expressway, and Wuse Zones 4 and 6 adjusted their pump prices to ₦955 per litre on Monday.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PPROOAN), Billy Gillis-Harry, also verified the upward adjustment.
Other filling stations, including Ranoil, AA Rano, and Mobil, followed suit, selling petrol between ₦920 and ₦930 per litre. Just last Saturday, MRS outlets were reportedly dispensing petrol at ₦851 per litre in some parts of Abuja.
According to Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), the hike stems from supply and logistics challenges facing both the NNPC and Dangote Refinery.
Ukadike explained,
“Dangote Refinery increased its loading price to ₦845 per litre, up from ₦825, which has led to a retail selling price of between ₦900 and ₦955 per litre, depending on the location.”
He further noted that limited supply from Dangote Refinery cannot meet the demand of marketers, while NNPC’s supply is restricted to its own outlets. Ukadike disclosed that many IPMAN members who paid for fuel at Dangote have yet to receive their full allocations even after two weeks.
“I will say that when people are scrambling for products, it results in a hike in price. Some marketers, who paid to buy about three million litres from Dangote, were only given one million litres, as they complained of products being rationed amongst marketers,” he stated.
The dual increase in fuel and cooking gas prices is expected to push up transportation and household expenses nationwide, further compounding Nigeria’s inflation woes.
