Petrol Price Hike Nigeria worsens as pump prices near ₦1,000. Marketers plan independent imports to ease shortages and stabilise supply

The price of petrol in Nigeria has become a pressing concern nationwide, with pump prices pushing close to ₦1,000 per litre across major cities.

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Amid worsening supply constraints and refinery disruptions, petroleum marketers are taking independent action to stabilise the market.

The move comes as the Dangote Refinery, once hailed as a game-changer, grapples with production glitches, labour unrest and reported layoffs.

This has forced the Independent Petroleum Marketers Association of Nigeria (IPMAN) and members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) to begin preparations for independent petrol importation.

Speaking to The PUNCH, IPMAN’s National Publicity Secretary, Chinedu Ukadike, confirmed the situation, stating that marketers are exploring alternatives to meet demand and reduce soaring prices. “Petrol price is still going to come down,” he said optimistically. “Competition will force prices lower once more players enter the import market.”

Currently, petrol is being sold between ₦920 and ₦1,000 per litre in cities like Abuja, Lagos and Sokoto.

In some stations, prices have crossed the ₦1,000 threshold, sparking panic buying and long queues. This has compounded inflationary pressures as transport and food prices surge nationwide.

The price crisis was sparked in part by Dangote Refinery’s suspension of gantry loading for independent marketers, reportedly due to internal restructuring and a strike by oil workers under NUPENG.

Depot owners have since capitalised on the situation, hiking their ex-depot prices from ₦830 to over ₦890 per litre.

Private depots, including Matrix, Pinnacle, RainOil, and Aiteo, have all raised their prices in recent days.

This forced retail outlets, including NNPC, to adjust their pump prices — with Lagos and Ogun residents now paying as much as ₦950 per litre.

Industry expert Jeremiah Olatide from PetroleumPrice.ng noted that only MRS and Dangote’s in-house trucks are currently being loaded. “Private marketers have been shut out for days, worsening the scarcity,” he explained, linking the situation to low stock and crude supply challenges.

Residents in Sokoto have been particularly hard-hit. Many filling stations have remained shut for days, while others charge between ₦1,000 and ₦1,050 per litre.

“I had to borrow money from my wife just to get a few litres,” lamented one motorist queuing at AA Rano.

The IPMAN president, Abubakar Shettima, blamed opportunistic pricing by DAPPMAN depot owners, stating they reacted swiftly when Dangote paused operations. “The situation is temporary,” he assured, “but it’s causing unnecessary hardship.”

With inflation already biting, Nigerians are anxiously waiting for promised price drops from the Dangote refinery — which initially pledged to deliver fuel at ₦841 in the South West and ₦851 in central regions. So far, those price levels remain elusive.

The hope now rests on independent importation and resumed supply from the country’s 650,000 barrels-per-day refinery.

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Until then, Petrol Price Hike Nigeria continues to stretch household budgets and raise serious questions about the sustainability of current energy reforms.

Petrol Price Hike Nigeria Sparks Fresh Import Moves