Motorists in the Federal Capital Territory are facing fresh pressure at the pumps as MRS and several other filling stations have raised the price of Premium Motor Spirit, popularly known as petrol, following an increase in the ex-depot price by the Dangote Petroleum Refinery.
A market survey on Saturday showed that MRS filling stations along the Kubwa and Lugbe expressways, as well as other parts of Abuja, adjusted their pump price to N1,230 per litre from N1,210, representing an increase of N20.
Other marketers, including Nigerian National Petroleum Company Limited, Rainoil, Empire Energy and Nigerian Independent Petroleum Company, were selling petrol at between N1,250 and N1,299 per litre.
The latest increase means motorists in Abuja and surrounding areas will now pay as much as N1,299 for a litre of petrol, adding another layer of pressure on households and businesses already contending with high transportation and operating costs.
A manager at an MRS filling station, who spoke on condition of anonymity, said the station received instructions from the company’s headquarters in Lagos to implement the new price.
“We got the directive to raise our price by N20 to N1,230 per litre on Friday, but no reason was given,” he said.
The retail adjustment came shortly after Dangote Refinery increased its petrol gantry price by N20, from N1,165 to N1,185 per litre.
The refinery’s increase is expected to filter through the downstream petroleum market as marketers factor wholesale prices, transportation costs and other operational expenses into their retail rates.
The development comes as global crude oil prices have also risen sharply, with Brent crude trading above $94 per barrel, putting additional pressure on petroleum product prices.
The fresh increase reverses some of the relief enjoyed by motorists in recent weeks after filling stations cut petrol prices by at least N90 per litre following an earlier reduction in Dangote Refinery’s gantry price.
That period of declining prices had raised expectations among consumers that increased domestic refining and competition among marketers could bring sustained relief at filling stations.
Saturday’s adjustment, however, underscores the continued volatility of Nigeria’s deregulated downstream petroleum market, where movements in crude oil prices, refinery costs, foreign exchange, distribution expenses and competition among marketers can quickly affect what motorists pay at the pump.
For millions of Nigerians who depend on petrol for transportation, electricity generation and small businesses, another round of increases could translate into higher commuting costs and additional pressure on the prices of goods and services.
With petrol now selling for between N1,230 and N1,299 per litre across parts of Abuja, consumers will be watching closely to see whether other filling stations and states follow with further adjustments in the coming days.
