Premium motor spirit pump prices in several parts of Nigeria stayed steady after the Dangote Refinery restarted dollar-denominated sales of refined products, even as crude oil prices climbed and ex-depot petrol charges increased. Retail checks late Tuesday found fuel offered at the same per-litre levels in Abuja and surrounding areas, suggesting that any wholesale adjustments have not yet translated into higher shelf prices for consumers.
Key takeaways
- Premium motor spirit retail prices were reported unchanged in Abuja and nearby locations despite recent increases in ex-depot rates.
- Prices at multiple outlets including NNPC, Nigerian Independent Gas Company, AA Rano, MRS, and Emedab were observed between N1155 and N1205 per litre.
- Depot owners raised ex-depot prices by a range of N30 to N90, but retail pump pricing remained flat at the time of reporting.
- Global crude oil firmed as tensions escalated around the Strait of Hormuz, lifting energy risk premia.
- Airstrikes involving Iran and the United States–Israel escalated over the prior four days, coinciding with Iran curbing exports of refined petroleum products.
Retail prices hold steady in Abuja despite wholesale changes
Checks carried out late Tuesday night indicated that premium petrol remained range-bound across a number of stations operating in Abuja and its environs. Nigerian National Petroleum Company Limited, Nigerian Independent Gas Company, AA Rano, MRS, Emedab and other retailers were all described as selling within N1155 to N1205 per litre.
The report suggests that the absence of movement at the pump came even though depot operators had adjusted their ex-depot pricing upward by between N30 and N90. In practice, this meant that retail pump prices did not reflect the higher wholesale charges within the same reporting window.
Dangote resumes dollar sales as crude rises on Hormuz tensions
The stability at retail level was linked to the Dangote Refinery resuming refined petroleum product dollar sales, according to the same checks. In the background, however, crude oil markets were described as having turned higher after renewed geopolitical strain in the Strait of Hormuz.
In the last four days, airstrikes between Iran and the United States–Israel sides reportedly intensified, pushing the Gulf region back into the spotlight for investors and traders. The heightened confrontation also contributed to Iran imposing restrictions on exports of crude refined petroleum products.
Meanwhile, the report said several depot owners—including Ranoil, African Terminal, Pinnacle, Sahara, Integrated and others—had moved their ex-depot prices up ahead of the retail prices being observed. The net effect, at least at the time of the checks, was a gap between wholesale increases and pump pricing in Abuja.
