By Abubakar Yunusa
Many filling stations in the Federal Capital Territory, Abuja, raised the pump price of Premium Motor Spirit, popularly known as petrol, to as high as N1,300 per litre on Sunday, following another increase in Dangote Refinery’s ex-depot price.
The latest adjustment came as the refinery increased its gantry price from N1,200 to N1,265 per litre, a N65 rise, despite a decline in international crude oil prices, with benchmark crude falling from about $92 to $87.31 per barrel.
Checks across Abuja showed that AY Shafa increased its pump price from N1,250 to N1,270 per litre.
Optima also raised its price from N1,260 to N1,300 per litre.
NNPC retail outlets adjusted their pump price from N1,250 to N1,270 per litre.
The latest development followed a series of price adjustments by the Dangote Refinery within the past week.
The refinery initially increased its gantry price from N1,165 to N1,185 per litre before successive adjustments to N1,200 and N1,265.
The development has further increased the financial burden on motorists and businesses already grappling with high transportation and operating costs.
An economist, Samson Ogunjimi, described the rising petrol prices as unbearable for many Nigerians.
He said the frequent adjustments were worsening pressure on households and businesses.
Ogunjimi urged the Federal Government to intervene and stabilise petrol prices to cushion the impact on consumers.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had little choice but to adjust their pump prices.
Ukadike explained that marketers could not continue selling petrol below the replacement cost when their replenishment costs were rising.
He said the frequent price changes were creating uncertainty for both marketers and consumers.
“Marketers cannot continue selling petrol below the replacement cost, particularly when the cost of replenishing their stocks keeps changing,” Ukadike said.
Meanwhile, international crude prices recorded declines.
Brent crude stood at $88.10 per barrel, down 0.47 per cent, while West Texas Intermediate fell 0.16 per cent to $83.40 per barrel.
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