Fuel price in Nigeria today has surged dangerously close to ₦1,000 per litre, sparking blame-shifting between petroleum marketers and retail outlet owners amid growing public frustration.
The development follows weekend price adjustments by major independent marketers and subsequent increases by Nigerian National Petroleum Company Limited (NNPCL) retail outlets across several states.
TJ News Nigeria reports that in Abuja, Nasarawa, and Kogi States, NNPCL stations hiked their pump prices from ₦890 to ₦955 per litre on Monday — a ₦65 jump within 48 hours. Other outlets in Abuja, such as Ranoil, AA Rano, Empire Energy, Shema, Optima, and Aiteo, are now selling petrol between ₦950 and ₦971 per litre.
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Breakdown of the Price Hikes
As of Monday, petrol prices at depots reportedly stood at:
- Dangote Refinery – ₦858/litre
- NIPCO – ₦870/litre
- Aiteo – ₦855/litre
- Ranoil – ₦865/litre
Industry sources attribute the soaring prices to several market forces including:
- Volatile exchange rate
- Global crude oil price fluctuations
- Adjustments in ex-depot pricing
- Dangote Refinery’s pricing strategy
Marketers and Retailers Give Conflicting Justifications
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have offered contrasting explanations for the recent spike.
IPMAN: Dollar Exchange Rate to Blame
Speaking to journalists, IPMAN spokesperson Chinedu Ukadike said the depreciation of the naira against the dollar and the deregulated nature of Nigeria’s downstream sector are key contributors.
“Fuel prices went up due to forces of demand and supply,” Ukadike said.
“Depot owners are adjusting their prices based on rising dollar costs. Even Dangote Refinery, which imports most of its crude, is not immune to global crude pricing volatility.”
Ukadike further noted that despite the expectation that Dangote Refinery would lower prices domestically, it is currently operating based on prevailing international market rates.
PETROAN: Dangote Refinery Pricing Model is Problematic
On the other hand, PETROAN President Billy Gillis-Harry criticized the pricing structure employed by Dangote Refinery, calling it “improper” and not reflective of a sustainable domestic pricing model.
“We should be looking at proper fuel pricing. What the Dangote Refinery is doing is not proper pricing,” Gillis-Harry asserted.
Global Oil Prices Drop Amid Local Crisis
Despite Nigeria’s local price surge, international crude oil benchmarks dropped:
- Brent Crude: $68.70 per barrel
- West Texas Intermediate (WTI): $66.24 per barrel
This discrepancy suggests Nigeria’s fuel pricing challenges are primarily domestic, tied to FX instability and the inefficiencies in local refining and distribution logistics.
Nigerians Bear the Brunt
The fuel price increase comes amid worsening economic conditions, rising food costs, and general inflation. Commuters and businesses nationwide are already feeling the strain of these fuel hikes, as transportation and logistics costs escalate.
Motorists in Lagos, Port Harcourt, Enugu, and Kano have confirmed long queues and higher pump prices, with many stations rationing supplies.
Calls for Government Intervention
While the Federal Government continues to uphold a deregulated fuel market, growing public outrage may pressure authorities to revisit existing downstream policies.
Industry analysts argue that until domestic refining is stabilized, Nigeria will remain vulnerable to foreign exchange volatility and import-driven pricing.
