Petrol Prices Rise at Nigerian Filling Stations Following Ex-Depot Price Hikes

Premium motor spirit prices at Nigerian filling stations have surged following recent increases in ex-depot prices by Dangote Refinery and depot owners.

Nigeria News 247 correspondents observed that Empire Energy and Ranoil stations in Gwarimpa and other parts of Abuja raised their pump prices on Saturday morning. Empire Energy increased its price to N935 per litre from N905, while Ranoil’s price rose from N900 to N970 per litre.

Chinedu Ukadike, spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained in an exclusive interview that the price hike was triggered by adjustments in ex-depot prices from Dangote Refinery and other depot operators.

“The supplying depots and Dangote Refinery have increased their ex-depot petrol prices,” Ukadike stated.

He detailed that as of Friday, Dangote Refinery’s ex-depot price rose to N858 per litre from N820. Similarly, depot owners like NIPCO, Aiteo, and Ranoil raised their prices to N870, N855, and N855 per litre respectively.

Ukadike attributed the upward adjustment to fluctuations in the exchange rate and crude oil prices on the global market.

Meanwhile, other filling stations, including Nigerian National Petroleum Company, MRS, Optima, and AP Ardova, continued selling petrol at N890 and N885 per litre in Abuja at the time of reporting.

According to oilprice.com, Brent crude and West Texas Intermediate futures stood at $69.67 and $67.33 respectively as of Saturday morning.