The continuous rise in petrol prices across the Federal Capital Territory (FCT) has intensified financial pressure on households, with motorists now paying between N1,280 and N1,350 per litre at various filling stations in Abuja.
The latest increase followed a series of upward adjustments in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, raising concerns over higher transportation costs and the rising prices of food and other essential commodities. Checks by the News Agency of Nigeria (NAN) showed that major and independent marketers, including TotalEnergies, Eterna, Gegu Oil, Nipco and AY Shafa, were selling petrol within the N1,280 to N1,350 per litre range.
The current ex-depot price from the Dangote Petroleum Refinery was put at between N1,265 and N1,290 per litre, while retail pump prices were reported to range from about N1,310 to N1,400 per litre across the country.
The development has added to the financial burden on motorists already dealing with increased household and transportation expenses. Some Abuja residents expressed concern that the continued increase in petrol prices would further reduce their purchasing power.
A motorist in Gwarinpa, Mr Olusegun Abbas, said he bought petrol at N1,320 per litre, adding that the persistent increases were putting growing pressure on families. Another motorist, Mr Adewale Salau, who purchased petrol at N1,310 per litre at Gegu filling station in Dutse, said the rising cost of living had made it difficult for him to adequately provide for his children and called on the Federal Government to intervene and stabilise fuel prices.
In Kubwa, Mr Stanley Okezie, who bought petrol at N1,350 per litre, warned that the rising cost of fuel would eventually translate into higher food prices as traders sought to recover increased transportation expenses. Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Ukadike, attributed the latest increase to a series of price adjustments by the Dangote Refinery.
He said marketers could not continue to sell petrol below replacement cost, although frequent price changes were creating uncertainty for both marketers and consumers. An oil and gas expert and IPMAN Board of Trustees Treasurer, Mr Chinedu Okoronkwo, attributed fluctuations in petrol prices to volatility in the international crude oil market, which he said was being influenced by renewed tensions between the United States and Iran.
He said the Dangote Refinery, like any business, would respond to anticipated movements in crude prices and also needed to recover its investments. Development expert Dr Aliyu Ilias urged the Federal Government to urgently address the persistent price increases, while Okoronkwo said greater competition from other strong refineries could provide more options and help ease pressure in the downstream petroleum market.
