The price of Premium Motor Spirit (PMS), commonly known as fuel, has surged significantly in recent days, potentially exacerbating the economic challenges faced by Nigerians.
MRS, a filling station affiliated with Dangote Refinery, initiated the latest price hike by adjusting its petrol pump prices to between N925 and N950 per litre in Lagos and the Federal Capital Territory, Abuja.
Following suit, other fuel marketers, including Empire Energy, Recoil, Juda Oil, Total, and Emedab, also raised their pump prices, now ranging between N950 and N970 per litre.
On Wednesday, Nigerian National Petroleum Company Limited (NNPCL) retail outlets raised their fuel prices from N880 to N950 per litre in Abuja.
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This development coincides with the suspension of petrol product sales in Naira by Dangote Refinery, following the implementation of a naira-for-crude sales agreement between the refinery and the federal government through NNPCL.
That same day, President Bola Ahmed Tinubu announced a restructuring of NNPCL.
Meanwhile, domestic fuel prices in Nigeria continue to rise despite a decline in global crude prices. At the time of this report, U.S. West Texas Intermediate crude was trading at $62.15 per barrel, down from over $65, while Brent crude had dropped to $65.42 per barrel from $72 last week.
