NIGERIA’S PMS: NEW PUMP PRICE HIKE

The President of Nigeria, Bola Ahmed Tinubu has offered relief for pump prices,  the opposition parties cry foul, electoral battle lines tighten, and rising questions emerge over who controls Nigeria’s democratic process. The road to 2027 is becoming a contest between economic survival, political organisation and public trust.

Few days after the Federal Government announced measures to control the impact of rising Premium Motor Spirit, PMS, prices on consumers, petroleum marketers have increased petrol pump prices by up to N29 per litre in Abuja.

Checks across the nation’s capital on Sunday, 11th October showed that AA Rano and AYM Shafa increased their pump prices to N1,409 per litre from N1,380 per litre last week.

Similarly, a Nigeria national Petroleum Company Limited, NNPCL, Retail outlet in Jikwoyi District, increased its pump price to N1,405 per litre from N1,380, while MRS, a partner retail outlet of Dangote Refinery, raised its price to N1,405 per litre from N1,370.

The increases came despite the Federal Government’s petrol discount initiative, under which the Nigerian National Petroleum Company Limited,NNPCL, extended its N66-per-litre discount until October 31, 2026.

The discount, introduced on October 1 to mark Nigeria’s 66th Independence Anniversary, reduced NNPCL Retail’s N1,405 pump price to N1,339 per litre for customers who pay digitally through its mobile application.

The Federal Government said the initiative was being funded through NNPCL Retail’s decision to forgo its profit margin rather than through public funds, stressing that it did not amount to a return to petrol subsidy.

In Lagos, some stations in Ikorodu and other locations sold petrol at N1,360 per litre, while other outlets  retailed the product at N1,350 per litre.

However, some independent oil marketers sold petrol at between N1,360 and N1,400 per litre, depending on location.

The latest increases reflect continuing pressure on domestic petrol prices following the rise in global crude oil prices amid the ongoing conflict concerning the strait of Hormuz.