Amid worsening fuel supply challenges and escalating pump prices, petroleum marketers in Nigeria have begun moves to independently import petrol as the commodity nears the ₦1,000 per litre mark in major cities across the country.
Marketers blame the current surge on supply disruptions and production hiccups at the Dangote Petroleum Refinery, which has led to growing pressure in the downstream oil market.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the development, noting that members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are finalising plans to import petrol to stabilise prices.
“Yes, petrol price is still going to come down because I know that some marketers, especially DAPPMAN members, have applied and are going to import petrol. Once there’s competition, prices will drop,” Ukadike said.
Petrol prices surge nationwide
Petrol prices rose from about ₦865 to around ₦950 per litre on Monday. As of Tuesday, pump prices ranged between ₦920 and ₦955 per litre across major outlets, while some stations in Abuja, Lagos, and Sokoto sold for as high as ₦1,000 per litre.
This comes despite earlier projections that prices would drop to ₦841 per litre following Dangote Refinery’s logistics-free fuel distribution scheme introduced in September.
However, the expected reduction never materialised, as reports indicate that the refinery has slowed or temporarily halted petrol loading operations, reportedly due to internal reorganisation and labour-related disruptions.
Depot owners raise prices amid supply gaps
IPMAN President, Abubakar Shettima, accused depot owners of taking advantage of the refinery’s downtime to hike ex-depot prices. Depots like Matrix, Fynefield, and Liquid Bulk reportedly sold petrol at ₦900 per litre, while others such as Pinnacle, RainOil, and Aiteo priced between ₦878 and ₦890.
The Nigerian National Petroleum Company Limited (NNPCL) also adjusted its retail prices to reflect the new depot rates, selling petrol at ₦928 per litre in Lagos and Ogun.
NNPC spokesperson, Andy Odeh, explained that the price adjustment was due to higher ex-depot costs:
“When the price goes up ex-depot, retailers have no choice but to adjust. That’s what has happened, and it’s across all retailers.”
Dangote Refinery faces operational disruptions
Sources indicate that the refinery’s production setback may be linked to crude shortages and the recent layoff of about 800 workers. According to Jeremiah Olatide, CEO of PetroleumPrice.ng, Dangote Refinery has suspended gantry sales to private marketers since last week, prioritising loading for its own trucks and MRS affiliates.
“Basically, they are having issues with crude, and the 800 staff that were laid off is also a challenge. These have contributed to the supply glitch,” Olatide said.
Nationwide impact
In Sokoto, petrol prices reportedly climbed to between ₦960 and ₦1,050 per litre, with long queues forming at major filling stations. Motorists lamented the hardship, noting that the increase has severely affected transport costs and daily living expenses.
“I had to borrow money from my wife to buy fuel. It’s unfortunate,” a motorist in Sokoto told The PUNCH.
With fuel prices edging toward ₦1,000 per litre, analysts warn of ripple effects across transportation, food, and manufacturing sectors — deepening inflationary pressures nationwide.
Efforts to reach Dangote Refinery spokesperson, Anthony Chiejina, for comments were unsuccessful as calls and messages went unanswered.
