Petrol prices have increased across several filling stations in the Federal Capital Territory following a fresh price adjustment by Dangote Petroleum Refinery.
The refinery raised its gantry price by ₦85, moving it from ₦1,265 to ₦1,350 per litre.
The increase represents a 6.7 per cent rise and pushes Dangote’s wholesale price above the current petrol landing cost of ₦1,311 per litre.
The latest adjustment comes amid a rise in global crude oil prices. Brent crude, Nigeria’s benchmark, was trading at about $108.21 per barrel, up from $107.92.
The development has intensified pressure on downstream operators, with some filling stations in Abuja already increasing their pump prices.
Abuja Filling Stations Increase Pump Prices
Checks by the News Agency of Nigeria on Sunday showed that several outlets had begun selling petrol at higher prices.
MRS retail outlets increased their pump price from ₦1,350 to ₦1,395 per litre.
NIPCO outlets also raised their price from ₦1,350 to ₦1,430 per litre, while Mobil outlets increased theirs to ₦1,400 per litre.
A petrol attendant at an MRS station said motorists could face another increase when newly purchased stock arrives.
“We are currently selling our old stock at N1,395 per litre, but from tomorrow, once the new stock arrives, the price will be higher,” she said.
Economists Warn of Higher Inflation
Economist and development expert Aliyu Ilias warned that the latest petrol price increase could worsen inflation and deepen economic hardship.
He said higher petrol prices would likely increase transportation and production costs, particularly for food and other essential commodities.
“This kind of change is not good for the economy at all, and people are going to face more hardship as a result,” Ilias said.
Expert Calls for Stronger Regulation
Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, called for stronger measures to protect consumers from global oil price fluctuations.
Lakemfa argued that Nigeria should strengthen economic planning and its regulatory framework to prevent sudden increases in domestic petrol prices.
He said Nigeria’s position as an oil-producing country should provide an advantage through domestic refining.
The former labour leader also warned about the structure of Nigeria’s downstream petroleum market, which he said contained elements of oligopoly and monopoly.
He urged regulatory agencies to prevent excessive influence over the pricing of petrol.
Marketers Explain Frequent Price Changes
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had reviewed their pump prices following repeated adjustments by Dangote Refinery.
Ukadike said the frequent price changes were creating uncertainty for marketers and consumers because replacement costs could change rapidly.
