By Emmanuel Onyedika
Many filling stations across the Federal Capital Territory (FCT) have increased the pump price of Premium Motor Spirit (PMS), despite a drop in international crude oil prices.
Brent crude fell to $88.10 per barrel (down 0.47%), while WTI dropped to $83.40 per barrel (down 0.16%). However, the Dangote Refinery raised its ex-depot price from ₦1,165 per litre to ₦1,265 within a week, representing a ₦65 increase from the previous ₦1,200.
This adjustment has been reflected in pump prices across Abuja, with AY Shafa moving from ₦1,250 to ₦1,270 per litre, Optima from ₦1,260 to ₦1,300 per litre, and NNPC from ₦1,250 to ₦1,270 per litre.
Economist Samson Ogunjimi warned that the rising fuel costs were worsening financial pressures on households, urging the Federal Government to intervene to stabilise prices.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, explained that marketers had to adjust prices in response to Dangote’s changes, stressing that selling below replacement cost was unsustainable. He noted that frequent price shifts were creating uncertainty for both marketers and consumers.
The situation underscores the tension between global oil price trends and domestic fuel pricing, with Nigerians bearing the brunt of the adjustments.