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The ex-depot price of petrol has increased, leading to a fresh hike in pump prices at filling stations across Abuja and other parts of the country. Dangote Refinery has raised its ex-depot price to ₦858 per litre from ₦820, prompting other major petroleum marketers to follow suit.
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According to Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, “As of Friday, Dangote Refinery raised its ex-depot price to ₦858 per litre from ₦820… Other depots followed suit — NIPCO is now at N870, while Aiteo and Ranoil are both selling at N855.”
As a result, filling stations have increased their pump prices. Empire Energy now sells petrol at N935 per litre, up from N905, while Ranoil has moved from N900 to N970 per litre.
The price hike is attributed to ongoing challenges with the exchange rate and crude oil prices in the international market. Despite global crude prices trending downward, with Brent at $69.67 and WTI at $67.33, local factors such as forex instability and supply issues continue to push fuel prices upward.
The latest increase is expected to have far-reaching implications, raising transportation costs and deepening the financial burden on consumers
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Jonathan Nwokpor
