ABUJA, NIGERIA — Nigerians are facing fresh hardship as the price of Premium Motor Spirit (PMS), popularly known as petrol, has surged to N1,400 per litre in several filling stations across the country, while the presidency of President Bola Tinubu has remained silent on the development.
The latest increase follows Dangote Refinery’s decision to hike its ex-depot gantry price for petrol to N1,175 per litre and diesel to N1,620 per litre, marking the fourth upward adjustment within two weeks.
Checks by DAILY POST on Monday evening showed that Ranoil, Empire, and other filling stations in Abuja and environs have immediately raised their petrol and diesel prices to between N1,350 and N1,400 per litre.
For diesel, the price has climbed as high as N1,750 per litre in filling stations in Abuja, up from around N1,365 per litre previously.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that petrol prices may rise to as high as N2,000 per litre and diesel approach N3,000 per litre if the Middle East crisis persists.
When contacted for a response on the burgeoning fuel price, presidential spokesperson Sunday Dare did not reply as of the time of filing the report.
The silence from the presidency comes as transporters have begun adjusting fares upward in response to the rising cost of fuel.
The refinery attributed the gantry price hike to global crude price volatility, with Brent crude surging by 6.76 per cent on a day-to-day basis to $98.86 per barrel.
The Dangote Group’s Chief Corporate Communications Officer, Anthony Chiejina, insisted that product pricing would continue to reflect prevailing international market conditions.
Meanwhile, David Bird, Managing Director of Dangote Refinery, noted that the refinery deals with 47 government agencies and incurs costs from them, which potentially adds to the final price of petrol.
He also revealed that the refinery receives less than 40 per cent of its crude from the naira-for-crude deal, with the remainder sourced from the United States and other parts of the world at prevailing international prices.
The latest price surge has raised concerns about inflationary pressures across the economy, with manufacturers and businesses expected to bear the brunt of rising diesel costs for power generation.
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