ABUJA, Nigeria (FN) — The price of petrol in Nigeria has surged to nearly 1,000 Naira per litre across major cities, sparking widespread concern among consumers and prompting petroleum marketers to point fingers at private depot owners and supply glitches at the Dangote Petroleum Refinery.
According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the sharp increase in pump prices is driven by rising ex-depot costs, which have climbed from an average of 830 Naira to as high as 900 Naira per litre. These hikes, marketers say, are being imposed by depot owners who have taken advantage of supply constraints to raise prices unilaterally.
Chinedu Ukadike, National Publicity Secretary of IPMAN, confirmed that members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are finalizing plans to begin independent petrol importation. “Petrol price is still going to come down because I also know that some marketers, especially DAPPMAN members, are concluding arrangements to import petrol,” Ukadike said.
The Dangote Refinery, which was expected to stabilize the downstream oil market, has reportedly halted fuel loading for most private marketers since last Thursday. This disruption has intensified pressure on supply chains and contributed to the price.
Market data shows that at least 12 depots have adjusted their prices, with increases ranging from 7 Naira to 35 Naira per litre. While some, like Sobaz and Fynefield, led the hike, Aiteo was the only depot to record a price drop of 15 Naira.
Petrol now sells between 920 Naira and 955 Naira per litre in most filling stations nationwide, with some outlets in Abuja, Sokoto, and Lagos reportedly charging up to 1,000 Naira per litre. The Nigerian National Petroleum Company Limited (NNPC) has also adjusted its pricing template, further fueling speculation about a nationwide price hike.
In response, marketers are calling for increased competition and transparency in the sector. They argue that allowing more players to import fuel independently could help stabilize prices and reduce the influence of depot monopolies.
The Federal Government has yet to issue a formal statement on the crisis, but energy analysts warn that continued price hikes could have ripple effects across the economy, including inflation and reduced consumer spending.
As Nigerians brace for further increases, the spotlight remains on depot owners and the Dangote Refinery’s operational challenges. Whether independent importation will offer relief in the short term remains uncertain.
