As Nigerians mark the Workers’ Day public holiday, the downstream petroleum sector is facing significant price adjustments.
Following a surge in global crude oil prices—now testing $126 per barrel due to geopolitical tensions—local pump prices have climbed sharply this morning.
Current Pump Price Breakdown
Across major cities and filling stations, the price of Premium Motor Spirit (PMS) now ranges between ₦1,364 and ₦1,440 per litre, depending on the outlet and location.
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Major Marketers (NNPC, MRS, BOVAS, Mobil): These outlets have adjusted their rates to between ₦1,364 and ₦1,370 per litre.
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Independent Marketers (AA Rano, Ranoil, Empire Energy): Prices at these stations are higher, typically dispensing between ₦1,370 and ₦1,440 per litre.
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Regional Variations: While Lagos and Abuja generally hover around the ₦1,365–₦1,380 range, prices in northern and far-southern states are nearing the ₦1,500 mark.
Why Prices Are Rising Today
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Global Crude Surge: Brent crude has hit its highest level since 2022, increasing the landing cost for refined products.
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Dangote Refinery Adjustments: Just 24 hours ago, the Dangote Refinery raised its ex-depot price to ₦1,275 per litre (up from ₦1,200).
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Depot Disruption: Some depot owners have reportedly suspended loading operations briefly to recalibrate prices in response to the global market volatility.
Other Energy Prices
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Diesel (AGO): The ex-depot price has hit a record ₦1,800 per litre, which is expected to drive up transportation and haulage costs significantly over the weekend.
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Aviation Fuel (JetA1): In a move to stabilize the airline sector, the Dangote Refinery announced a transparent price of ₦1,820 per litre, countering speculations of rates as high as ₦3,000.
