The Dangote Refinery and petroleum product depots have raised their ex-depot prices for Premium Motor Spirit (PMS), better known as petrol or fuel, due to the rise in global oil prices, as the Israel-Iran conflict entered its fifth day on Tuesday.
Naijaonpoint reports that data from Petroleumprice.ng indicated that the price of petrol at Dangote Refinery increased to ₦840 from ₦825 as of Monday.
In addition, Rainoil’s price jumped to ₦900 from ₦850 per litre. Likewise, Fynefield and Mainland adjusted their ex-depot prices to ₦930 and ₦920, raising their prices by ₦51 and ₦63, respectively.
Other pricing information revealed that Sigmund was offering petrol at ₦920 per litre; Matrix Warri’s price was ₦910; NIPCO’s price went up to ₦895 from ₦827 last week, while Aiteo sold petrol at ₦840 per litre.
This change comes as crude oil prices continued to rise on Tuesday, with Brent and West Texas Intermediate futures priced at $75.63 and $74.03 per barrel, as reported by Oilprice.com.
In response, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, stated that fluctuations in global oil prices have a significant impact on the price of PMS or any other refined petroleum products.
“On a general note, any cost shift in any of the components of producing refined products will certainly affect the price,” he told Daily Post on Tuesday.
In the meantime, Festus Osifo from the Natural Gas Senior Staff Association of Nigeria asserted that oil marketers are taking advantage of Nigerians by raising petrol prices. He indicated that the appropriate petrol pump price ought to be in the range of ₦700 to ₦750 per litre.
In addition, tanker drivers and representatives from the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced the suspension of their strike in response to the Lagos State Government’s hike in the electronic truck call-up parking fee from ₦2,500 to ₦12,500.