Filling stations across the country, on Saturday, raised the pump price of Premium Motor Spirit after Dangote Refinery and depot owners adjusted ex-depot prices upward.
Recall that Dangote Refinery and petrol marketers have been at daggers drawn lately over certain disagreements regarding the refinery’s plan to begin direct dispensing of fuel to consumers.
Meanwhile, Empire Energy and Ranoil filling stations in Gwarimpa and other parts of Abuja hiked their petrol pump price.
As of Saturday morning, Empire Energy and Ranoil filling stations hiked their pump price to N935 and N970 per litre, respectively, from the previous N905 and N900 on Friday night.
But the Independent Petroleum Marketers Association of Nigeria blamed the latest petrol price increase on the hike of ex-depot price by Dangote Refinery and depot owners in Nigeria.
Commenting on the development, IPMAN spokesman, Chinedu Ukadike said, “The supplying depots and Dangote Refinery have increased their ex-depot petrol prices.
“As of Friday pricing, Dangote Refinery’s ex-depot price is N858 per litre, up from N820. Depot owners also increased prices like NIPCO (N870), Aiteo (N855) and Ranoil (N855).”
Ukadike explained that the ex-depot price hike is due to the exchange rate and the price of crude oil in the global oil market.
But the Nigerian National Petroleum Company and MRS, Optima, and AP Ardova filling stations were still dispensing petrol at N890 and N885 per litre, respectively, in Abuja as of the time of filing this report.
On Saturday morning, Brent and West Texas Intermediate crude futures fell to $69.67 and $67.33 as of according to oilprice.com.
