Fuel Price Nears ₦1,000 Per Litre in Nigeria as Marketers and Retailers Trade Blame
Fuel prices in Nigeria have surged toward ₦1,000 per litre, with petroleum marketers and retailers pointing fingers at one another over the sudden increase.
On Monday, petrol pump prices at Nigerian National Petroleum Company Limited (NNPCL) retail stations rose sharply across Abuja, Nasarawa, and Kogi states from ₦890 to ₦955 per litre.
This ₦65 increase within 48 hours has heightened concerns among consumers.
Earlier, independent filling stations including Ranoil, AA Rano, Shema, Empire Energy, and Optima had adjusted their prices over the weekend, with figures ranging from ₦950 to ₦971 per litre in Abuja alone.
Despite a drop in global crude oil benchmarks Brent and WTI fell to $68.70 and $66.24 per barrel respectively local prices continue to spike.
Industry associations offered different explanations. The Independent Petroleum Marketers Association of Nigeria (IPMAN) cited the depreciating naira and rising ex-depot prices, including those from the Dangote Refinery, as key factors.
According to IPMAN’s spokesperson, Chinedu Ukadike, the current cost structures reflect supply and demand dynamics in Nigeria’s deregulated downstream sector.
Ukadike explained that depot and refinery prices have risen sharply, listing Dangote at ₦858 per litre, NIPCO at ₦870, Aiteo at ₦855, and Ranoil at ₦865. He also noted that Dangote imports the bulk of its crude, which may be influencing pricing.
Meanwhile, Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), blamed the Dangote Refinery’s pricing system for fueling the hike. He emphasized the need for a transparent and standardized fuel pricing mechanism.
The situation has amplified public concern over affordability and fuel accessibility as Nigerians continue to bear the brunt of economic pressure driven by inflation and currency instability.
