Petroleum product marketers and filling station owners in Nigeria have raised the price of Premium Motor Spirit (PMS),
It was gathered that several major filling stations in the Federal Capital Territory, Abuja, and found that members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have increased their fuel prices by N35 to N45 per litre. For instance, at the Empire Energy filling station in Gwarimpa, the price of petrol rose from N910 to N955 per litre. Similarly, other stations like AA Rano and Eterna have adjusted their prices to N935 per litre, up from N900 to N905.
In an interview with DAILY POST, IPMAN’s National President, Abubakar Maigandi, explained that the recent increase in domestic petrol prices is linked to a surge in global oil prices. He emphasized that fluctuations in fuel prices are directly influenced by changes in the global oil market. However, he reassured that if global oil prices decline, domestic petrol prices will also decrease.
“This change in crude oil prices has impacted the price of domestic Premium Motor Spirit. You will notice price adjustments. Nevertheless, when crude oil prices fall, local petrol prices will also drop,” he stated.
Maigandi further noted that IPMAN members do not maintain large stockpiles; therefore, when their supplies run out, they must purchase new stock, which comes at higher prices. “That’s why you are seeing new prices now. The good news is that the product is readily available everywhere,” he added.
It was also reported that oil prices, including Brent Crude and West Texas Intermediate, rose in the past week to $77.04 and $75 per barrel, respectively, as of Friday evening, amid escalating tensions between Israel and Iran.
