On Thursday, select fuel stations in Nigeria implemented a price hike for Premium Motor Spirit. Observations from a market report indicate that outlets including AA Rano and Ranoil have pushed their rates to N1,220 per litre, an increase from the previous range of N1,170 to N1,180 observed in Abuja. This represents a rise of roughly N40 to N50 per litre for consumers.
Conversely, the Nigerian National Petroleum Company Limited and several other retail points maintained prices between N1,155 and N1,205 per litre during the same period. The upward shift follows a jump in ex-depot costs, which climbed to between N1,125 and N1,175 per litre from earlier levels of N1,090.
This development follows the decision by Dangote Refinery to sell petroleum products in dollars, setting the rate at $0.799 or roughly N1,075 per litre. The refinery previously denied reports that it had halted gantry sales to customers. Meanwhile, international crude benchmarks Brent and West Texas Intermediate saw a minor decline of one percent on Thursday, settling at $84 and $78 per barrel respectively.
