Fuel Price Hike: Nigerian Petroleum Marketers Increase PMS Prices

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Nigeria’s petroleum product marketers and filling station owners have increased the price of Premium Motor Spirit (PMS) due to the recent surge in global oil prices. According to reports, major filling stations in Abuja have hiked their fuel prices by between N35 and N45 per liter.

The Empire Energy filling station in Gwarimpa has increased its petrol pump price to N955 per liter from N910, while other filling stations like AA Rano and Eterna have raised their prices to N935 per liter from between N900 and N905.

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, attributed the price hike to the change in global crude oil prices. “This is because of the change in crude oil prices, which has affected the domestic premium motor spirit price,” he said in an interview.

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Maigandi explained that fuel price fluctuations are directly linked to global oil prices, adding that a drop in global oil prices would lead to a reduction in domestic petrol prices. “You will see that there are changes in prices. Nevertheless, when the crude oil price comes down, the local petrol price will still reduce,” he noted.

He also stated that IPMAN members source new stocks with additional prices added to them when their current stock runs out, which is why prices are changing. “For IPMAN members, we don’t buy much stock; automatically, when our stock finishes, we source a new one, and additional prices have been added to fresh stocks. That’s why you are seeing new prices now,” Maigandi said.

Despite the price hike, Maigandi assured that petrol is widely available. “The beautiful thing is that the product is available everywhere,” he concluded.

The recent surge in global oil prices, with Brent Crude and West Texas Intermediate increasing to $77.04 and $75 per barrel, respectively, has contributed to the price hike. The escalation of conflict between Israel and Iran has also impacted global oil prices

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