PETROL NEARS N1,000 PER LITRE AS MARKETERS MOVE TO IMPORT FUEL AMID DANGOTE REFINERY SUPPLY GLITCH
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By Aishat Momoh. O.
Petrol prices in Nigeria have surged close to the ₦1,000 per litre mark amid worsening supply constraints and production hiccups at Dangote Petroleum Refinery, prompting petroleum marketers to begin moves to import fuel independently.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed on Tuesday that members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are concluding arrangements to commence importation to stabilise retail prices.
“Yes, petrol price is still going to come down because I also know that some marketers, especially DAPPMAN members, have applied and they are going to import petrol products. Peradventure, their prices are cheaper than Dangote’s, we would have no choice but to patronise them,” Ukadike said.
Pump prices rose from about N865 to around N950 per litre on Monday and further climbed on Tuesday to between N920 and N955 in many retail outlets, with some stations in Abuja, Sokoto, and Lagos selling at N1,000 per litre.
This comes despite earlier expectations that prices would drop to ₦841 per litre after Dangote introduced its logistics-free fuel distribution scheme on September 15.
A market survey in Abuja revealed that Nigerian National Petroleum Company Limited (NNPCL) stations in Gwarinpa and Lugbe sold at ₦955 per litre, while NNPC stations in Lagos charged ₦928. In Edo, Rivers, Oyo, and Gombe states, pump prices ranged between ₦900 and ₦1,000 per litre, triggering panic buying and long queues.
Depot owners reportedly raised ex-depot prices from an average of ₦830 to about ₦890 on Monday after Dangote halted fuel loading. Data from Petroleumprice.com showed Matrix, Fynefield, and Liquid Bulk selling at ₦900; Northwest at ₦895; Pinnacle ₦885; RainOil ₦890; NIPCO ₦850; Aiteo ₦878; and Sigmund ₦890.
NNPCL retail outlets also adjusted pump prices upward to ₦928 in Ogun and Lagos reversing the reduction introduced in August. NNPC spokesperson Andy Odeh explained that the increase was due to higher depot gantry rates.
The refinery is believed to have temporarily suspended gantry loading for private marketers, restricting sales to its own and MRS Oil Nigeria Plc trucks. Sources attributed the disruption to ongoing internal reorganisation, crude supply shortages, and the recent layoff of about 800 refinery workers.
IPMAN President Abubakar Shettima said: “These DAPPMAN people are the only ones who are selling the product now. But, probably, Dangote will start tomorrow (today). So, if Dangote starts selling tomorrow, the price will come down.”
Petroleum analyst Jeremiah Olatide of PetroleumPrice.ng said the refinery’s reduced output has distorted the downstream market. “Depot marketers were not allowed to load products today at the refinery. It was only for MRS trucks and their personal trucks. Private marketers’ trucks were excluded,” he revealed.
In Sokoto, motorists lamented soaring pump prices of between ₦960 and ₦1,000 per litre, with several NNPC stations remaining shut for over a week.
The ongoing scarcity and price hikes have heightened fears of worsening inflationary pressure, particularly on transportation and food costs across the country.
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