Since yesterday, Friday, many filling stations in Lagos and its environs have started selling fuel between N900 and N950 per litre after Dangote Refinery indicated it had increased ex-depot price of premium motor spirit (PMS) popularly known as fuel to N880 per litre.
A pro Forma Invoice posted on petroleumprice.ng confirmed the N55 price hike above the previous rate of N825/litre.
Business Hilights gathered that the hike was in reaction of sudden hike in cost of US crude oil purchase by the Dangote Refinery due to poor supplies from the NNPCL.
Responding in an interview, Wale Isaac, a transport workers union leader in Mowe, Ogun State said “Our people are in shock after we heard about the fuel price increase. Already, we have started buying fuel at N900 to N950 per litre. We were buying it at N875, some filling stations were selling lower at N865 before today’s increase and the filling stations are fast to start selling at the new price”.
The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.
