N1,000/litre: Filling Stations Announce New Petrol Prices in 2 Nigerian States
- New Petrol prices have emerged in Awka, and residents of Uyo are paying about N1,000 per litre
- Marketers say the increase followed a N100 to N110 per litre hike in Dangote Refinery’s ex-depot price
- NNPC has also adjusted pump prices, with petrol now selling around N932 in Lagos and N960 in Abuja
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Petrol prices have increased across Nigeria, with filling stations raising pump prices to between N950 and N970 per litre in Awka, the capital of Anambra state.
Also, the product has also climbed to about N1,000 per litre in Uyo, the capital of Akwa Ibom state.
Source: Getty Images
A survey conducted in Awka on Thursday, March 5, showed that petrol, which sold between N840 and N850 per litre until the last week of February, has increased across filling stations in the city and surrounding areas, BusinessDay reports
New petrol prices emerge
Despite the increase, commercial transport operators in Akwa have only slightly adjusted fares, adding about N100 to N200 depending on distance.
Chinedu Anyaso, chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Enugu Zone, said the price increase was caused by a higher supply cost rather than decisions by marketers.
Anyaso, who oversees Anambra, Ebonyi and Enugu states, said the adjustment followed a price hike by the Dangote Petroleum Refinery, which he described as the major supplier of petrol to marketers in the region.
He said:
“The price of PMS has increased because Dangote added about N110 to every litre supplied to marketers.” .
“The hike is not artificial or arbitrary. It reflects the current reality of supply costs.”
He also warned that petrol prices could rise further if geopolitical tensions in the Middle East continue to escalate, noting that disruptions in the region could affect crude oil production and push global oil prices higher.
He added.
“Prices of petroleum products will definitely go higher if the war in the Gulf continues because it will have negative impact on production and price of crude."
Source: Getty Images
Petrol price in Uyo
Also in Uyo, the capital of Akwa Ibom state, showed that petrol prices have reached about N1,000 per litre, up from N860 to N880 previously charged at independent and major retail outlets.
Checks indicated that many filling stations remained closed during the day, while a few opened at night to sell the product.
A motorist said at a filling station along Aka Etinan Road in Uyo:
“There was no petrol in the morning. Nowhere to buy the product."
NNPC petrol price
Legit.ng earlier reported that the Nigerian National Petroleum Company (NNPC) Limited has also raised petrol prices at its retail outlets nationwide.
A market survey in Abuja on Wednesday showed that NNPC increased its pump price from N875 per litre on Monday to N960 per litre.
In Lagos, petrol prices rose from N837 to N932 per litre. A full breakdown of changes has also been released.
Source: Legit.ng
