The price of Premium Motor Spirit (PMS), also known as petrol, has surged by 6.8 percent, climbing from ₦890 to ₦955 per litre. The new increase, observed in Lagos and Abuja, follows mounting supply and logistics challenges involving the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery.
Petrol Price Hike Hits ₦955 in Major Cities
Checks across NNPCL and independent marketers’ stations in Lagos and Abuja revealed petrol selling between ₦900 and ₦955 per litre. The development marks one of the sharpest short-term increases since the deregulation of the petroleum sector.
Motorists expressed frustration over the new hike, while independent marketers blamed it on rising loading costs and limited product supply.
IPMAN Confirms Price Adjustment from Dangote Refinery
Speaking with media houses on phone, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, confirmed the reason for the latest price adjustment.
He said, “Dangote increased their loading price to ₦845 per litre, as against ₦825 earlier sold, thereby resulting in a selling price of between ₦900 and ₦955, depending on the location.”
Ukadike noted that while NNPCL focuses on supplying its own retail outlets, the supply from Dangote Refinery remains insufficient for independent marketers.
Supply Shortage and Rationing Deepen Market Pressure
The IPMAN spokesperson explained that many marketers are yet to receive products they paid for weeks ago.
He added, “Most of our members who paid for products to Dangote are yet to load for two weeks now.”
Ukadike warned that rationing and delays have worsened the scarcity.
“When people are scrambling for products, it results in a hike in price,” he said.
He revealed that “Some marketers who paid to buy about three million litres from Dangote were only given one million litres, as they complained of products being rationed among marketers.”
Marketers Call for Urgent Intervention
Industry players are urging the federal government and regulators to step in and address the supply chain bottlenecks threatening stability in petrol pricing. They warn that if the challenges persist, the pump price could exceed ₦1,000 per litre in some areas.
Petrol Price Surge Linked to Dangote, NNPCL Supply Gaps
The latest petrol price hike to ₦955 per litre underscores the mounting strain in Nigeria’s downstream sector. With Dangote Refinery and NNPCL battling logistics and supply shortfalls, motorists and consumers brace for more pressure on transport costs and living expenses unless urgent steps are taken.
