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Petrol marketers raise pump prices by ₦35–₦45 in Abuja
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IPMAN attributes hike to global oil price increase
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Brent and WTI crude prices rise due to Israel-Iran tensions
The price of Premium Motor Spirit (PMS) has surged in various filling stations operated by members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), with new rates ranging from ₦935 to ₦955 per litre, depending on the location and supplier.
During a monitoring visit by DAILY POST in Abuja on Friday, Empire Energy in Gwarimpa was selling petrol at ₦955, up from ₦910. Similarly, major brands like AA Rano and Eterna adjusted their prices to around ₦935 per litre, up from ₦900–₦905.
Reacting to the development, Alhaji Abubakar Maigandi, IPMAN’s National President, said the increase is driven by the global rise in crude oil prices.
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“This is because of the change in crude oil prices, which has affected the domestic premium motor spirit price. When crude prices come down, petrol prices will reduce too,” he explained.
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Maigandi also noted that IPMAN members operate with lean stocks, so any rise in global costs is quickly reflected in retail pump prices.
“We don’t buy in bulk. Once our stock finishes, we buy at new prices. That’s why you’re seeing new prices now. The good news is that fuel is available across the country,” he added.
International oil prices surged following fresh tensions between Israel and Iran, with Brent Crude and West Texas Intermediate (WTI) climbing to $77.04 and $75 per barrel, respectively, as of Friday evening.
