Petrol marketers warn of irregular fuel supply in Nigeria due to rising prices, heavy bank debts, and global oil price pressures

Independent petrol marketers have warned Nigerians to brace for irregular fuel supply across the country, citing rising petrol prices, heavy bank debts, and increased import costs as key factors putting serious pressure on their operations.

Also read: ADC Accuses APC of Policies Worsening Poverty in Nigeria

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chukwudi Akadike, said higher costs of purchasing fuel are forcing some marketers to ration purchases or combine resources to maintain operations.

He explained that even a small increase in petrol prices significantly affects businesses dependent on high-volume sales.

“The purchasing power required to buy 40,000 to 45,000 litres of petroleum has skyrocketed. Many operators are running out of capital and are combining resources just to ensure the business continues,” Akadike said.

The situation has been compounded by rising global crude oil prices, now hovering around $70 per barrel, influenced by geopolitical tensions, restricted Russian oil supplies, and steady demand from China.

Analysts warn that continued high oil prices could push pump prices to as much as N1,000 per litre.

Recent adjustments in Nigeria reflect this pressure. Dangote Petroleum Refinery raised its petrol price from N699 to N799 per litre, prompting MRS Oil stations and NNPC Limited to adjust their pump prices to N835–N839 per litre in major cities.

Akadike urged prompt intervention to prevent nationwide fuel scarcity, warning that motorists may soon face long queues if the current pressures persist.

Also read: ADC Accuses APC of Policies Worsening Poverty in Nigeria

The warning underscores the vulnerability of Nigeria’s fuel distribution system to global market fluctuations, local financing constraints, and supply chain challenges, highlighting the urgent need for coordinated action to stabilise petrol supply.