Oil marketers have adjusted the depot price of Premium Motor Spirit (PMS), also known as petrol, in response to rising crude oil prices in the international market.
At the weekend, three major operators, Dangote Petroleum Refinery, Aiteo and AA Rano, reviewed their ex-depot price to ₦823 per litre, up from ₦821 per litre, following the increase in crude oil from $65 to $67 per barrel.
Although the adjustment has not yet reflected at filling stations, industry checks revealed that retail pump prices could be reviewed in the coming days if the market trend continues.
Speaking on the development, Olajide Jeremiah, Chief Executive Officer of Petroleumprice.ng, explained that the domestic market remains sensitive to global fluctuations, adding that competition among downstream players has also fueled frequent price adjustments.
“We are witnessing frequent adjustments of depot prices for some reasons. These include the movements in crude oil prices and also competition among downstream players. The market will continue to record more price adjustments in the coming weeks, and we expect the adjustments to eventually extend to pumps so that consumers feel the impact,” Jeremiah said.
In a separate reaction, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, noted that Nigeria’s petroleum market remains dynamic and closely tied to international developments.
He emphasized the need for stable supply and called for the full privatization of government-owned refineries, with grassroots stakeholders such as PETROAN, the Major Energy Marketers Association of Nigeria (MEMAN), and others actively participating.
“Full privatization with the involvement of key stakeholders remains the real solution,” Gillis-Harry told Vanguard.
