Dangote Refinery-backed MRS and other Nigerian filling stations adjusted their petrol retail prices on Saturday.
This came less than 24 hours after the 650,000-barrel-per-day Dangote refinery plant hiked its gantry petrol by N70 to N1,245 per liter on Friday.
MRS filling stations in Abuja and environs hiked their pump price by N100 to N1,367 per liter on Saturday from N1,267. Similarly, Ranoil, Empire Energy, and AA Rano in Abuja increased their petrol prices to N1,440, N1,430, and N1,370, respectively.
A manager at MRS filling station, who pleaded not to be identified, confirmed the latest price hike.
“MRS filling stations now sell at N1,367 per liter, an N100 per liter increase from N1,267. This is because of Dangote Refinery’s latest gantry petrol price increment to N1,275 per liter,” he said.
The implication of this is that filling stations dispense petrol between N1367 and N1440 per liter. However, the Nigerian National Petroleum Company Limited retail outlet still sells petrol at N1261 per liter.
Dangote Refinery’s fourth fuel price hike would mean the majority of Nigerians would have to pay more to get petrol because the refinery supplied 61 percent of Nigeria’s domestic petrol consumption, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s February data.
The domestic petrol price hike comes as a ripple effect of the global crude oil spike to above $110 per barrel as of Saturday as the Iran-United States-Israel conflict impact global economies.
