Petrol prices have risen across Abuja following a series of increases in the gantry price of Premium Motor Spirit (PMS) by the Dangote Refinery.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) said the latest adjustments by the refinery had forced marketers to review their pump prices because they could no longer sell petrol below replacement cost.
IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, said the Dangote Refinery increased its gantry price from ₦1,165 to ₦1,185 per litre, before raising it further to ₦1,200 per litre within one week.
He explained that every increase in the refinery’s price was likely to affect the price paid by consumers at filling stations.
Checks in Abuja showed that NNPC Retail stations increased their pump price from ₦1,250 to ₦1,270 per litre. TotalEnergies also raised its price from ₦1,250 to ₦1,275, while Bovas adjusted its price from about ₦1,253 to ₦1,275 per litre.
Ukadike said the frequent price changes were creating uncertainty for both consumers and petroleum marketers. He noted, however, that domestic refinery prices were not the only factor affecting petrol prices, as international crude oil prices, foreign exchange movements and global supply developments also played a role.
He expressed optimism that the Dangote Refinery’s free transportation initiative for petroleum marketers could eventually help reduce distribution costs and ease pressure on pump prices.
According to him, some trucks operating under the programme had been delayed by poor road conditions, although more marketers were joining the initiative.
Ukadike also welcomed the inclusion of Imo and Anambra states in the programme, describing them as important markets in the South-East.
He further called for greater government support for domestic refineries, particularly improved access to crude oil. He said increased local refining would strengthen competition, reduce dependence on imported petrol and could eventually enable Nigeria to export refined petroleum products.
On continued petrol imports by some major marketers, Ukadike said imports could promote competition under deregulation but questioned the decision to import products at prices higher than locally refined petrol.
He urged stakeholders to encourage domestic refining, saying this would help reduce pressure on foreign exchange and lower the financial burden on petroleum marketers and consumers.
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