Nigerian fuel retailers raised Premium Motor Spirit (PMS) prices on Thursday, according to a market check, with some stations pushing the pump rate higher by roughly N40 to N50 per litre. The move comes as ex-depot petrol costs climbed, while other outlets left their retail tags largely steady and global crude prices eased slightly late in the day.
Pump price changes across Nigeria on Thursday
- In a survey of retail outlets, stations including AA Rano, Ranoil and other filling points increased PMS pump prices to N1,220 per litre in Rano and its surrounding area.
- In Abuja and nearby locations, the same outlets were reported to have lifted prices to a range of N1,170 to N1,180 per litre, compared with their previous levels.
- Overall, the adjustment at some retail sites translated into an increase of about N40 to N50 per litre.
- At the time of reporting, the Nigerian National Petroleum Company Limited (NNPCL) and several other retailers were still selling at unchanged rates estimated at N1,155 to N1,205 per litre.
The price revisions at select stations were linked to a sharp jump in ex-depot fuel pricing, which rose to a band of N1,125 to N1,175 per litre from roughly N1,090 per litre. That ex-depot increase appears to have flowed through to pump rates for some brands more quickly than for others.
Dangote Refinery shift and prior dispute
Separately, Dangote Refinery has resumed the sale of refined petroleum products in dollars rather than naira. It set the petrol price at $0.799 per litre, which is described as equivalent to about N1,075 per litre.
Earlier, Dangote Refinery also rebutted claims that it had stopped gantry petrol deliveries to off-takers, describing the reports as false.
Crude price moves late Thursday
Oil market conditions showed mild easing during Thursday evening trading, with Brent and West Texas Intermediate crude blends both slipping slightly. Brent was reported at $84 per barrel and West Texas Intermediate at $78 per barrel, each down by at least 1% over the period cited.
