Petrol Price Crash Looms as More Fuel Enters Nigeria, Marketers Reveal New Pump Price Plan
- There is hope for Nigerian motorists and consumers across Nigeria as fuel marketers assure of fresh supplies
- According to them, there have been a massive number of fuel cargoes carrying petroleum products entering Nigerians
- The marketers revealed that the influx of imported fuel in Nigeria may force down petrol prices nationwide
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Petrol consumers in Nigeria may soon get some relief as fresh supplies enter the market, with marketers indicating that filling stations could review pump prices once the new products become available.
The development comes after a turbulent week in the downstream oil sector, with petrol prices rising sharply at depots and filling stations across the country.
Source: Getty Images
Fresh fuel supplies could trigger price changes
The Independent Petroleum Marketers Association of Nigeria (IPMAN) said filling stations in the Federal Capital Territory (FCT) are preparing to adjust their petrol prices as new petroleum products enter the market.
IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this on Thursday, September 3, 2026, in Abuja during an interview with the News Agency of Nigeria (NAN).
According to Ukadike, the arrival of fresh products is expected to influence marketers’ pricing and sales strategies, although the exact timing of the adjustment remains uncertain.
He explained that purchases could begin within the next few days, depending on when the supply process officially commences.
Once the products become available, marketers are expected to reassess their costs and adjust pump prices accordingly.
The move, he added, would be carried out in line with existing regulations governing the sale and distribution of petroleum products.
Dangote Refinery price hikes put marketers under pressure
The planned review comes after a series of petrol price increases by the Dangote Refinery.
According to NAN, the refinery’s gantry, or ex-depot, price moved from N1,165 per litre to N1,185, then N1,200 and subsequently N1,265 within the past week.
The successive increases have filtered through to filling stations in the FCT, leaving motorists facing higher costs at the pump.
The rapid price movements have also triggered calls from some consumers for government intervention to help stabilise the downstream petroleum market.
For motorists and businesses already struggling with elevated transportation and operating costs, any downward adjustment could provide some relief.
Depot prices remain high despite crude oil decline
Checks by PetroleumPriceNG indicate that petrol depot prices remain elevated despite a reported 2% decline in crude oil prices.
Source: UGC
Some of the depots currently recording high petrol prices include Optima at N1,275 per litre, Soroman at N1,290, Sahara at N1,280, Keonamex at N1,270 and Hong Petroleum at N1,270.
Industry experts, however, believe the high depot prices could ease as existing stocks are cleared and newer supplies are offloaded.
This means motorists may have to wait a little longer before the impact of fresh supplies becomes visible at filling stations.
Petrol prices near N1,400 per litre
Legit.ng earlier reported that petrol prices are edging towards N1,400 per litre in parts of Nigeria following another increase in the Dangote Petroleum Refinery’s selling price, adding fresh pressure to motorists and households already grappling with high living costs.
The refinery raised its Premium Motor Spirit, popularly known as petrol, gantry price by N65 per litre, from N1,200 to N1,265, effective August 29.
Source: Legit.ng
