Abuja Petrol Prices Surge After Dangote Refinery Hike

Petrol prices at filling stations in Abuja have risen following three consecutive increases in the gantry price for Premium Motor Spirit by Dangote Refinery, moving from N1,165 to N1,200 per litre within a week. Chinedu Ukadike, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that this rapid increase leaves marketers with little room to absorb costs, leading to price hikes at various stations.

For instance, NNPC Retail stations raised their price from N1,250 to N1,270 per litre, TotalEnergies from N1,250 to N1,275, and Bovas increased their price as well. Ukadike noted that the fluctuations create uncertainty for both consumers and marketers, as restocking costs can change swiftly.

He also mentioned that international crude oil prices and foreign exchange movements influence domestic petrol costs. Additionally, he pointed out that the Dangote Refinery's transportation initiative for marketers could eventually lower distribution costs, although some trucks have faced delivery challenges due to poor road conditions.