Petrol prices have risen to as high as ₦1,300 per litre at several filling stations in Lagos, Ogun and Abuja following Dangote Petroleum Refinery’s latest increase in its Premium Motor Spirit (PMS) gantry price to ₦1,265 per litre.
Latest checks show significant variations in pump prices across monitored outlets, with retail rates ranging from ₦1,230 to ₦1,307 per litre.
In Lagos, MRS was selling petrol at ₦1,230 per litre, while Total at Yaba dispensed the product at ₦1,245 per litre.
Mobil and FBV were both selling at ₦1,265 per litre, matching Dangote Refinery’s new gantry price.
NNPC was selling petrol at ₦1,295 per litre in Lagos, while Mavdav had increased its pump price to ₦1,300 per litre.
In Abeokuta, Ogun State, NNPC recorded the highest price in the latest checks at ₦1,307 per litre, while Fatgbems sold at ₦1,300 per litre.
The retail adjustments followed Dangote Refinery’s decision to increase its PMS gantry price by ₦65 per litre, from ₦1,200 to ₦1,265 per litre.
The latest adjustment represents the refinery’s third upward price movement within a week. Its gantry price had previously risen from ₦1,165 to ₦1,185, then to ₦1,200, before reaching the current ₦1,265 per litre.
The successive increases have also filtered into the Abuja retail market.
AY Shafa raised its pump price from ₦1,250 to ₦1,270 per litre, while Optima increased its price from ₦1,260 to ₦1,300 per litre.
NNPC outlets in Abuja also adjusted their pump price from ₦1,250 to ₦1,270 per litre.
The differences in pump prices reflect variations in the cost at which individual retailers obtain and replenish their stocks, alongside other costs incurred between the wholesale and retail stages.
National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said Dangote Refinery’s successive price adjustments had prompted marketers to review their retail prices.
Ukadike said retailers could not sustain sales below the replacement cost of their products because doing so could leave them unable to purchase fresh stocks at prevailing wholesale prices.
He added that the rapid changes in wholesale prices were making pricing decisions more difficult for both marketers and consumers.
For consumers, the latest adjustments mean that the cost of purchasing petrol now varies significantly depending on the filling station and location, with some outlets already charging ₦1,300 or more per litre.
Economist Samson Ogunjimi expressed concern about the broader financial impact of higher petrol prices, particularly the additional burden on households and businesses already facing increased transportation and operating costs.
He urged the Federal Government to pursue measures capable of easing the pressure created by rising petrol prices.
The latest development underscores the speed at which changes in refinery-level pricing are being transmitted through Nigeria’s retail fuel market, although the extent of the increase continues to vary across filling stations and locations.