Abuja Petrol Prices Surge Despite Falling Crude Costs

Petrol pump prices in Abuja have risen significantly, with several filling stations adjusting their prices upward despite a decrease in international crude oil prices from $92 to $87.31 per barrel. Dangote Refinery increased its gantry price from N1,165 per litre to N1,265 within a week, marking a N65 per litre increase from the previous price of N1,200.

As a result, filling stations such as AY Shafa and Optima raised their prices to N1,270 and N1,300 per litre, respectively, while NNPC adjusted its price to N1,270 per litre. Economist Samson Ogunjimi expressed concern about the financial pressure on Nigerians due to soaring fuel prices, urging the Federal Government to intervene and stabilize prices.

Chinedu Ukadike, the National Publicity Secretary of IPMAN, stated that marketers had to adjust their prices following Dangote's changes, as they could not sell below replacement costs, leading to uncertainty for both marketers and consumers.