The price of Premium Motor Spirit (PMS), popularly known as petrol, has climbed sharply to N955 per litre in various parts of Nigeria, including the Federal Capital Territory (FCT), as global oil prices continue to surge.
The increase follows adjustments made by both the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers.
As of Monday, most filling stations in Abuja were selling petrol at the new rate, with NNPCL retail outlets and several independent marketers aligning to the revised pricing.
However, some stations affiliated with the Dangote Refinery partnership, such as MRS, offered slightly lower prices around N885 per litre, despite the refinery reportedly adjusting its ex-depot price from N820 to N858 per litre.
Refinery sources, however, claimed that no formal upward review of Dangote’s pump price had been implemented yet.
Meanwhile, NNPCL raised its official retail price from N890 to N955 per litre, marking a N65 jump.
Other marketers, previously selling near the N900 mark, have now adopted the NNPCL benchmark, especially along major routes like Kubwa Expressway and Airport Road in Abuja. Reports from the northern region also confirm a widespread price adjustment in line with the capital’s hike.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), domestic off-take from refineries currently stands at 15 million litres per day, while an additional 35 million litres were distributed from depots in May.
For June, a total of 455.2 million litres were transported from refineries, with 985.6 million litres sourced from depots, an 18.55% increase from the 1.22 billion litres recorded in May.
Petrol pricing in Nigeria remains highly sensitive to changes in the global refined products market.
The Platts benchmark price for gasoline stood at approximately $979.75 per metric tonne (MT) at the end of last week.
When factoring in an additional $50 operational premium, the landing cost could rise to about $1,025.75/MT.
Nigeria’s petrol landing cost has steadily climbed over recent weeks, from N848.18 per litre on July 22 to N857.29 the next day, and N890.98 by July 30.
This spike comes as the West African refined products market experiences seasonal shifts.
According to the West Africa Weekly Refined Products Commentary, gasoline exports to the region have slowed due to reduced demand during the rainy season, which runs from May to October.
A market trader told S&P Global that conditions might shift soon:
“We might see more product heading to Lome from Europe; freight could work soon,”
Compounding the supply situation is Russia’s recent export ban on gasoline, announced July 28, to stabilise domestic supply amid peak agricultural demand.
While the diesel (gasoil) segment in West Africa remains relatively strong, demand has softened, with traders attributing the decline to increased hydroelectric power usage during the rainy season, reducing reliance on diesel-powered generators.
