Petrol prices have increased at several filling stations across the Federal Capital Territory (FCT) following an N85 hike in Dangote Petroleum Refinery’s gantry price, from N1,265 to N1,350 per litre.
The adjustment, a 6.7 per cent increase, comes amid rising global crude oil prices, with Brent crude trading at about $108.21 per barrel. The refinery’s new wholesale price is also above the current petrol landing cost of N1,311 per litre.
Checks by the News Agency of Nigeria (NAN) on Sunday showed that MRS outlets raised their pump price from N1,350 to N1,395 per litre, while NIPCO increased its price to N1,430. Mobil outlets also moved from N1,350 to N1,400 per litre.
An MRS attendant, who spoke anonymously, warned that prices could rise further once new stock arrives.
Economist Dr Aliyu Ilias said the increase could worsen inflation and raise transportation and production costs, particularly for food and other essential commodities.
Former OATUU Secretary-General, Owei Lakemfa, urged the government to protect consumers from the impact of global oil price fluctuations through stronger planning and regulation. He argued that domestic petrol prices should not automatically rise whenever geopolitical tensions affect global crude prices.
Lakemfa also raised concerns about excessive market influence by major downstream operators and called on regulators to prevent arbitrary price increases.
Meanwhile, IPMAN National Publicity Secretary, Chinedu Ukadike, said marketers had reviewed their pump prices following repeated adjustments by Dangote Refinery, creating uncertainty for both marketers and consumers.
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