- Fuel stations in Lagos have raised petrol prices to ₦970 per litre due to a rise in the ex-depot price of PMS
- Dangote Refinery attributed the price hike to international market dynamics, impacting petrol costs amid fluctuating crude oil prices
Fuel stations across Lagos State have adjusted their pump prices for Premium Motor Spirit (PMS), commonly known as petrol, following a rise in the ex-depot price.
This increase comes amid fluctuations in crude oil prices on the international market.
Last week, crude oil prices experienced a sharp rise, although they dropped slightly on Monday ahead of the inauguration of U.S. President Donald Trump.
In a statement, Dangote Refinery attributed the recent hike in PMS prices to international market dynamics. “Crude oil remains the primary input in the production of petrol, and any fluctuation in its price inevitably impacts the cost of the finished product,” the refinery explained.
Dangote further disclosed that its partners, including Ardova, Heyden, and MRS Holdings, have agreed to retail petrol nationwide at ₦970 per litre.
Checks revealed that MRS and other filling stations have adjusted their prices to ₦970 per litre. However, Nigerian National Petroleum Company Limited (NNPCL) stations still sell at a lower price of ₦925 per litre, creating long queues at their outlets.
At NNPCL stations along Ikorodu Road in Fadeyi, motorists were seen waiting in line to take advantage of the lower price. Other NNPCL outlets, such as those in Ojodu Berger, were not selling fuel as of Monday.
One motorist, Segun Joshua, noted the price difference, saying, “Only NNPCL is selling at the lowest price right now, which is why there are queues at their stations.”
Despite the higher price, queues were also observed at MRS stations on Ahmadu Bello Way, Victoria Island.
On Monday, Brent crude for March delivery fell by 1.5%, trading at $79.66 per barrel, while West Texas Intermediate (WTI) crude for February delivery declined 1.8%, reaching $76.46 per barrel by 11:20 AM ET.
After President Trump’s inauguration, Brent crude prices rose marginally to $80.05 per barrel.
Market analysts suggest the recent drop in crude oil prices reflects uncertainty about the new U.S. administration’s policies.
PVM oil analyst Tamas Varga stated, “The declines can be attributed to the uncertainty over the incoming president’s strategies. Given market performance this year, some are taking profits while waiting for the Trump administration’s modus operandi to become clearer.”
International oil price fluctuations and local pricing dynamics affect petrol availability and pricing across Nigeria.
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