Prices of premium motor spirits (PMS), has once again skyrocketed across Nigeria, with several filling stations dispensing fuel between N1,364 and N1,444 per litre from N900 per litre recorded in February, mirroring the influence of the surge in global crude oil prices on the domestic market.
According to several reports, major fuel marketers, including the Nigerian National Petroleum Company Limited (NNPCL), MRS, BOVAS, AP (Ardova), and Mobil, have modified their respective pump prices to between N1,364 and N1,370 per litre, while other outlets like AA Rano, Emedab, Empire Energy, and Ranoil now sell at a slightly higher rate, ranging from N1,370 to N1,440 per litre.
The latest price adjustment comes less than 24 hours after Dangote Refinery and depot owners increased their gantry and ex-depot prices to N1,275 and N1,320 per litre, respectively, while attributing the sudden hike to the continuous increase in global crude oil prices.
While examining the global situation, it was gathered that Brent and West Texas Intermediate (WTI) crude benchmarks have increased to $111 and $105 per barrel, respectively, with the sustained tension involving Iran, the United States, and Israel in the Middle East as possible causal factors.
The recent exit of the United Arab Emirates from the Organisation of Petroleum Exporting Countries (OPEC) has compounded the situation further, making the global oil market more volatile than before.
In a reaction to the development, the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, also confirmed that the continuous surge in domestic fuel prices was a result of the hike in global oil prices.
He further commended the Dangote Refinery for its assistance in cushioning the effect of the global crude oil price volatility on the domestic fuel market.
As workers mark the May 1st celebration, the cost of living in the country continues to rise with fuel prices nearing N1,500 per litre, despite a N70,000 minimum wage. The incessant increase in fuel prices has intensified calls for urgent government intervention, as many Nigerians grapple with harsh economic realities.
