By Dada Ahmed in Lokoja.
(C) Google.
The relative relief enjoyed by commuters in Lokoja,Kogi State, north central Nigeria over the past three months, due to a downward trend in petrol prices, ended on Saturday as pump prices surged in Lokoja.
A market survey conducted by The Reporters revealed that the price of a litre of petrol has increased from ₦900 to between ₦940 and ₦960, depending on the filling station.
At NIPCO Filling Station located in the Gadumo New Layout area of Lokoja, a litre of petrol was being sold for ₦960 as at the time of filing this report,representing an increase of ₦60 compared to previous weeks.
Some petrol attendants, when approached by The Reporters, attributed the price hike to a directive from their company’s headquarters.
Although the increase has yet to significantly impact commuter fares, there are growing concerns that transport costs may soon rise if the upward trend in fuel prices continues.
An economic analyst, Malam Saidu Mohammed, has linked the price hike to escalating tensions in the Middle East, particularly the ongoing Iran–Israel conflict.
Speaking in an interview with our correspondent, Mohammed explained that global crude oil prices have surged by 15–20% in June alone.
He noted that although the effect on commuters is indirect, it is transmitted through the crude-to-pump pricing mechanism, which is also influenced by several domestic factors.
“The Iran–Israel conflict has certainly contributed to the rise in global crude prices, and this has, in turn, pushed up petrol prices in Nigeria,” Mohammed said.
He added that the impact is being linked to petrol output in the country,currency fluctuations, marketers’ pricing strategies, and distribution challenges.
Some residents who also with our correspondent said they are bracing for the possibility of higher transport fares, especially if the global and local dynamics continue to put pressure on energy prices.
Meanwhile,Feelers from Lagos indicate that filling stations across the Lagos metropolis on Saturday morning, responded to the hike in the price of petrol by Dangote Refinery late Friday.
Our correspondent recalls that the Dangote Refinery on Friday, adjusted it’s ex- depot petrol price from N825 per litre to N880, representing an increase of N55 per litre.
In their reaction, members of the Major Energy Marketers Association of Nigeria(MEMAN), Independent Marketers Association of Nigeria(IPMAN), NNPC Retail outlets and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) responded by adjusting their meters.
Prior to the hike, NNPC retail outlets were selling at N870 per litre but by Saturday morning, prices have been adjusted to N910 per litre.
The same trend was equally followed by other marketers,including Dangote partners, which include MRS, Ardova, Heyden.
However, further tracking by Saturday Sun on oil trading platform, petroleumprice.ng revealed that even at N880 per litre ex-depot price, Dangote remained the cheapest.
Other petrol ex-depot prices as published by the trading platform showed that Aiteo is selling at N893 per litre, Ever at N920 per litre, Bovas at N910 per litre, Rainoil at N920 per litre and WOSBAB also at N920 per litre.
