Fresh pressure is mounting on petrol prices in Nigeria. The estimated landing cost of Premium Motor Spirit (PMS) has climbed to ₦1,311.36 per litre.
This surpasses the ₦1,265 per litre gantry price of Dangote Petroleum Refinery by ₦46.36.
The development has raised fears of another increase in pump prices. International crude oil prices continue to rise. Brent crude traded at about $105 per barrel on Thursday.
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The latest landing-cost estimate comes from the Major Energy Marketers Association of Nigeria (MEMAN). According to the Nigerian Tribune, the figure stood at ₦1,311.36 per litre as of September 8. This is up from the 30-day average of ₦1,216.34.
The new figure represents an increase of ₦95.02 per litre over the monthly average. It reflects the recent surge in international crude oil and refined petroleum product prices.
What This Means for Motorists
The widening gap between international replacement cost and Dangote Refinery’s gantry price could push domestic petrol prices higher. This will happen if crude oil prices continue to rise.
Dangote Refinery has not announced any fresh adjustment to its PMS price. However, market conditions have heightened concerns among motorists and consumers.
Checks by the Nigerian Tribune in Lagos on Thursday showed most filling stations had not significantly adjusted their pump prices. Several outlets sold petrol between ₦1,290 and ₦1,310 per litre.
At some stations, prices were already higher. A motorist, Mr Emma, said he purchased petrol at ₦1,330 per litre at Conoil, Ojota, Lagos. He noted that some other major marketers had retained their existing prices.
“Mobil, Total, AP and Rainoil are still selling at the same prices,” a commercial driver on the Lagos Island-Ikeja route said.
The development has triggered concerns that a further rise could push up transportation and living costs.
Why Prices May Keep Rising
Industry watchers say sustained increases in crude oil and refined-product prices could eventually reflect in domestic petrol prices. This is particularly likely if the gap between international replacement costs and local refinery prices continues to widen.
The latest development comes amid the surge in Brent crude above the $100 per barrel mark. This increases the cost of crude feedstock and imported refined products.
For motorists and consumers, the key concern is whether the rising PMS landing cost will translate into higher pump prices in the coming days.
While Dangote Refinery has yet to announce a new PMS price, continued pressure from the international market could make another upward price review increasingly likely, an industry expert said.
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