N1,000/Litre: NNPC, Marketers Give Reasons for Increase in Petrol Price “It Will Soon Be Over”
- Petrol prices have surged toward N1,000/litre across the country, bringing more financial pressure to Nigerians
- Marketers have provided reasons for the new prices and have assured that prices will come down
- There are now fears that the issues could lead to fuel scarcity, and global crude oil prices will play a role in the days ahead
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Marketers have blamed supply as the major reason for the recent surge in petrol prices across Nigeria, with some filling stations adjusting pump near N1,000 per litre..
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) explained that depot operators raised prices after the Dangote refinery temporarily halted fuel loading.
Source: Getty Images
Legit.ng understands that for the past seven days, Dangote Refinery has halted all petrol gantry sales, forcing marketers to rely heavily on private depots.
Explaining the situation, Ukadike said.
“Some marketers, especially DAPPMAN members, have applied to import petrol products. Where prices are lower, we will buy. Prices will come down once there is a enough supply for the market."
On Dangote, he explained that the refinery slowed down operations due to internal reorganisation and labour disruptions linked to the recent NUPENG strike, which affected supply and refining activities, Punch reports.
Ukadike stated:
“There’s a reorganisation ongoing. The workers’ strike caused a supply glitch. Both Dangote and NNPC have increased their prices, reflecting current market realities."
Speaking to Legit.ng Dr Gilly Billy-Harris, Petroleum Products Retail Outlets owners Association of Nigeria called for patience.
He said:
"What is happening is just temporary, and it will soon be over. Prices will come down as soon as the market settles after the recent strike disruption. The refinery is new, so everyone is still getting used to everything."
Jeremiah Olatide, CEO of Petroleumprice.ng, also revealed that Dangote’s gantry has been loading only its own and MRS trucks since last Thursday, limiting access for independent marketers and contributing to nationwide fuel shortages.
NNPC spokesperson Andy Odeh said:
“The ex-depot prices have gone up. All filling stations are retailers, so when depot prices increase, retail prices must follow"
Source: Getty Images
New fuel prices
Recent checks show that Premium Motor Spirit (PMS), popularly called petrol, now sells between N920 and N955 per litre in Lagos, Abuja, Ogun, Rivers, and Edo, while some outlets in Sokoto and parts of the Federal Capital Territory charge as high as N1,000.
The spike reverses earlier reductions implemented in August, when NNPC lowered prices to N865 in Lagos and N890 in Abuja.
Depot prices have also risen. Data from Petroleumprice.com indicate rates at depots such as Matrix, Fynefield, and Liquid Bulk at N900, Northwest at N895, Pinnacle at N885, RainOil at N890, NIPCO at N850, Aiteo at N878, and Sigmund at N890.
NNPC releases new petrol prices for all states
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPCL) retail outlets across the country have adjusted the pump price for petrol
Survey carried out by Legit.ng showed that in Lagos, NNPC retail outlets were dispensing fuel to motorists at N890
With this adjustment, Nigerians are now paying more for petrol at NNPC retail outlets compared to Dangote Refinery’s partner stations.
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Source: Legit.ng
