Marketers Increase Fuel Price From N537 To N617/Litre

In Nigeria’s capital, Abuja, the price of Premium Motor Spirit (PMS), commonly known as petrol, has increased from N537/litre to N617/litre at several Nigerian National Petroleum Company Limited (NNPCL) filling stations on Tuesday.

Independent oil marketers have verified this rise in fuel cost, emphasizing that any price alteration at NNPCL stations typically signals a broader increase in PMS prices.

As the major petrol importer in Nigeria, NNPCL’s pricing decisions greatly influence the market.

The Secretary of the Independent Petroleum Marketers Association of Nigeria Abuja-Suleja, Mohammed Shuaibu in a chat with Punch stated, “This is because NNPCL is still the major importer of petrol into Nigeria currently, though other marketers are gradually importing the commodity. The price this (Tuesday) morning at some NNPCL stations is N617/litre.”

It’s important to remember that President Bola Tinubu announced the end of petrol subsidy during his inaugural address on May 29, resulting in a sudden surge in petrol prices from N198/litre to over N500/litre the next day.

Since the subsidy’s removal and the floating of the naira against the dollar, marketers have speculated that PMS costs could spike to as much as N700/litre.

Additionally, rising global crude oil prices have further driven up petrol prices, given that PMS and other refined petroleum products are derived from crude.

On Tuesday morning, motorists flocked to stations still offering petrol at N540/litre.

However, as word spread of the price increase at NNPCL stations, many independent outlets either closed or started adjusting their pumps to reflect the new price.