Major fuel retailers, including Dangote Refinery-backed MRS, Ranoil, and AA Rano, have increased the retail price of Premium Motor Spirit (PMS), commonly known as petrol, across Abuja and neighboring areas over the weekend.

A market survey conducted on Sunday reveals that MRS filling stations adjusted their pump prices upward by N39 per litre, moving from N1,370 to N1,409 per litre. The new pricing structure is already active at MRS outlets in Kubwa, Katampe, Gwarimpa, and other strategic locations within the Federal Capital Territory (FCT).

In a simultaneous move, Ranoil and AA Rano raised their retail prices by N10 per litre, pushing their pump prices up to N1,410 per litre from the previous N1,400.

This fresh round of price hikes hits consumers just as the Federal Government, through the Minister of Finance, Taiwo Oyedele, proposed a petrol price discount to N1,350 per litre exclusively at Nigerian National Petroleum Company Limited (NNPCL) retail stations.

In response, independent fuel retailers and oil marketers are mounting pressure on the Federal Government. They are urging authorities to extend the proposed fuel subsidy discount initiative to private and independent filling stations to ensure fair market competition and wider relief for Nigerians.

The unexpected weekend price hike snaps a brief downward trend enjoyed by consumers during the previous week. On the global stage, energy markets remain highly pressurized, with Brent crude trading at $104 per barrel and West Texas Intermediate (WTI) crude standing at $91 per barrel.