Some filling stations in Lagos on Monday adjusted pump price of the premium motor spirit (PMS), otherwise known as petroleum.

This followed the hike in ex-depot price following the recent rise in price of crude oil in the international market.

Crude oil prices have risen sharply last week though it dropped marginally on Monday ahead of the inauguration of the new US President, Donald Trump.

Dangote Refinery had on Sunday clarified the recent hike in PMS price, which it attributed to fluctuation in international price.

The statement explained that since crude remains the primary input in the production of PMS, any fluctuation in its international price “Inevitably impacts the cost of the finished product.”

Dangote however disclosed that its partners including Ardova, Heyden and MRS Holdings, will offer petrol to Nigerians at a retail price of N970 per litre nationwide.

Checks by our correspondent yesterday indicated that the filling stations including MRS had adjusted its price to N970 per litre.

However, our correspondent observed long queues in retail stations belonging to the Nigerian National Petroleum Company Limited (NNPCL), which still sells at N925 in Lagos as of yesterday.

The long queues could be seen at NNPCL stations along Fadeyi in Ikorodu Road while other NNPCL stations along Ojodu Berger were not selling yesterday.

A motorist, Segun Joshua who spoke with our correspondent said only NNPCL is selling at the lowest price at the moment hence the queues in most of their stations.

But long queues were also observed at MRS along Ahmadu Bello Way Victoria Island Lagos.

Meanwhile, oil prices fell in Monday’s morning traders anticipated the inauguration of the new U.S. President Donald Trump.

Brent crude for March delivery was down 1.5% to trade at $79.66 per barrel at 11.20 am ET while WTI crude for February delivery declined 1.8% to $76.46 per barrel.

But following the inauguration yesterday, the Brent crude rose again marginally to $80.05.

The US under Joe Biden, the immediate past president, had intensified sanctions on Russia, imposing heavy fines on its vessels.

But it was not clear what the direction of the new administration

According to PVM oil analyst Tamas Varga, the price declines can be chalked up to the huge uncertainty over the incoming president’s new policies.

“Given the performance of the market so far this year, it is reasonable to see some people take profit before the Trump administration’s modus operandi becomes clearer,” Varga told Reuters. (Daily Trust)