Petrol Nears ₦1,000/Litre: Marketers Blame Depots, Dangote Refinery Glitches for Fresh Price Surge
- Petrol prices are now inching near N1,000 per litre due to a glitch at Dangote Refinery, and marketers are contemplating imports
- The Independent Petroleum Product Marketers Association of Nigeria (IPMAN) is blaming depot owners for the hike in prices
- Checks show that across Lagos, Ogun, Abuja, Sokoto, and Rivers, petrol prices have hit near N1,000 per litre
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Petrol prices across Nigeria have inched closer to the ₦1,000 per litre mark, sparking fresh outrage among motorists and consumers.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and other industry players have blamed depot owners and temporary production disruptions at the Dangote Petroleum Refinery for the latest price surge.
Source: Getty Images
Checks across Lagos, Abuja, Ogun, Sokoto, and Rivers revealed pump prices ranging from ₦920 to ₦1,000 per litre, with some independent stations selling for as high as ₦1,050 in northern states.
The increase comes just weeks after Nigerians were promised a price reduction to ₦841 per litre under the Dangote refinery’s logistics-free distribution plan.
Depot owners blamed as Dangote halts supply
According to IPMAN president, Abubakar Shettima, depot owners seized the opportunity to hike ex-depot prices after the Dangote Refinery temporarily stopped loading fuel last week.
“As soon as they realised Dangote wasn’t loading, depots raised prices from about ₦830 to between ₦885 and ₦900 per litre,” he said.
Data from PetroleumPriceNG showed depots like Matrix, Fynefield, and Liquid Bulk selling petrol at ₦900 per litre, while Pinnacle and RainOil priced between ₦885 and ₦890.
The Nigerian National Petroleum Company Limited (NNPCL) also adjusted its retail prices upward, selling petrol at ₦928 in Lagos and Ogun—an increase of nearly ₦50 from August levels.
“The ex-depot prices have gone up, and when that happens, retailers must adjust,” NNPC spokesperson Andy Odeh explained.
Marketers move to import petrol independently
According to a report by Punch, to stabilise prices, members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have begun processing applications to import petrol independently. IPMAN’s National Publicity Secretary, Chinedu Ukadike, said this would restore competition and bring prices down.
“Yes, petrol prices will come down soon,” he said. “DAPPMAN members have applied to import petrol, and if their products are cheaper than Dangote’s, marketers will buy from them. Once there’s competition, prices will drop.”
Dangote Refinery Faces Internal Disruptions
Sources within the industry confirmed that the Dangote Refinery, Africa’s largest, with a capacity of 650,000 barrels per day, has slowed operations due to internal restructuring, maintenance, and a reported mass layoff of 800 staff.
The refinery has also prioritised fuel loading for its own and MRS trucks, leaving private marketers stranded.
“The refinery suspended gantry sales to private depots last Thursday,” said PetroleumPrice.ng CEO Jeremiah Olatide. “Those with Product Finance Instruments haven’t been able to load. The refinery is struggling with crude supply and internal reorganisation.”
He warned that the disruption mirrors Nigeria’s earlier gas supply crisis and could distort the downstream petroleum market if prolonged.
Nigerians feel the pinch
Motorists across the country are feeling the heat of the fuel crisis. In Sokoto, residents reported prices between ₦960 and ₦1,050 per litre as queues re-emerged at filling stations.
“I had to borrow money from my wife just to buy fuel,” one motorist lamented.
The fresh spike is expected to ripple across transport, manufacturing, and food sectors, worsening inflationary pressures already straining household budgets.
Relief may come as competition returns
Despite the chaos, marketers remain optimistic that prices will stabilise once Dangote resumes full operations and independent importers enter the market.
Source: Getty Images
“This situation is temporary,” said IPMAN’s Shettima. “Once Dangote resumes loading and other marketers bring in their products, prices will definitely come down.”
Until then, Nigerians must brace for more pain at the pump as petrol inches dangerously close to ₦1,000 per litre, fueling fears of another inflation wave in Africa’s largest economy.
Dangote Refinery announces new petrol price
Legit.ng earlier reported that a new price for Premium Motor Spirit (PMS), also known as petrol, emerged at Dangote Petroleum Refinery.
Data seen by Legit.ng showed that Dangote Refinery on Thursday, October 9, increased petrol price for marketers to N838 per litre
This represented an increase of N5.50, or 0.66%, compared to the previous rate of N832 per litre.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
