As of Wednesday, September 11, the price of Premium Motor Spirit (PMS) at depots across Nigeria reached ₦1,000 per litre at Shema Depot. This sharp increase marks a disturbing trend in the cost of petrol, which has been steadily rising over the past week.
Price Trends:
On Friday, August 30, PMS was sold at the following rates:
MRS: ₦883
Pinnacle: ₦890
Nipco: ₦893
Honeywell: ₦899
Techno Oil: ₦890
Coolspring: ₦890
By Thursday, September 5, prices had increased sharply:
Coolspring: ₦960
Techno Oil: ₦985
Obat Oil: ₦980
Nipco: ₦970
Integrated: ₦980
Shema: ₦985
The rise continued on Friday, September 6:
Coolspring: ₦965
Bivas: ₦985
Nipco: ₦980
Shema: ₦1,000
The upward trend persisted into the following week. By Tuesday, September 10, prices were recorded as follows:
MRS: ₦987
Coolspring: ₦985
Eterna: ₦999
Wosbab: ₦998
Emadeb: ₦1,005
Pinnacle: ₦1,015
On Wednesday, September 11:
MRS: ₦988
Coolspring: ₦985
Shema: ₦1,005
Wosbab: ₦999
Fatgbems: ₦1000
Despite the arrival of some PMS vessels at the Nigerian National Petroleum Corporation (NNPC) depots in Apapa and Port Harcourt, the loading of products by independent marketers has yet to commence. This delay has worsened the fuel scarcity in major cities, leading to long queues at petrol stations across the country.
On Kachia Road road in Kaduna, some filling stations sold between ₦950 and ₦960 per litre .
Rainoil filling station sold for ₦980 in Abuja on Tuesday.
At AA Rano, Opposite NASFAT Village along Bypass kaduna, it sold for 980 per liter while Shema Petrol station, Mando Kaduna sold for
₦1050. Along Airport road in Abuja, Shema Petrol station sold for ₦940.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had earlier assured the public that fuel would be widely available before the weekend. However, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mustapha Zarma, indicated on Friday that loading had not yet started, warning that the fuel queues could persist for another week.
The recent surge in depot prices is likely to increase the cost of PMS at the pumps, adding to the financial burden on Nigerians already grappling with economic challenges.