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Petrol Nears ₦1,000 Per Litre as Marketers Move to Import Fuel Independently Amid Supply Glitches

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Amid worsening supply challenges and surging pump prices, petroleum marketers across Nigeria have begun moves to import petrol independently, as the commodity inches closer to ₦1,000 per litre in several major cities.

The development comes amid reports of production and supply disruptions at the Dangote Petroleum Refinery, which has recently slowed down operations.

Confirming the move, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, told The PUNCH that members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) were finalising arrangements to commence petrol importation to stabilise the market.

“Yes, petrol prices are expected to come down because DAPPMAN members have applied and will soon begin imports,” Ukadike said.
“If their prices are cheaper than Dangote’s, we’ll buy from them. Competition will force prices down once supply increases.”

Pump Prices Surge Nationwide

Petrol prices rose from an average of ₦865 to between ₦950 and ₦1,000 per litre this week, depending on location and retailer.

A market survey showed that Premium Motor Spirit (PMS) sold for between ₦920 and ₦955 at retail outlets in Lagos and Abuja, while some stations in Sokoto, Rivers, and Edo charged as high as ₦1,000 per litre.

This sharp rise comes despite earlier expectations that prices would drop to around ₦841 per litre, following Dangote Refinery’s logistics-free distribution scheme announced in September.

Depot Owners Blamed for Price Hike

IPMAN President Abubakar Shettima blamed private depot operators for the sudden price surge, alleging that they raised ex-depot prices after Dangote Refinery halted product loading.

“DAPPMAN members are the only ones selling now, but Dangote may resume soon,” Shettima said.
“Once Dangote starts selling again, prices will fall. These increases are temporary.”

Depot operators reportedly raised prices from around ₦830 to ₦890 per litre, according to figures obtained from Petroleumprice.com.
Matrix, Fynefield, and Liquid Bulk depots sold petrol at ₦900, while others like RainOil, Aiteo, and Sigmund sold between ₦878 and ₦890 per litre.

In response, the Nigerian National Petroleum Company Limited (NNPCL) adjusted its retail prices, selling at ₦928 per litre in Lagos and Ogun — up from ₦870 last week.

NNPC spokesperson Andy Odeh confirmed the adjustments, saying retailers had no choice but to reflect higher ex-depot costs.

“When the ex-depot price goes up, retail prices are adjusted across outlets,” he said.

Dangote Refinery Halts Supply

Sources within the Dangote Refinery confirmed that the facility temporarily suspended gantry loading for most private marketers last week, prioritising its own and MRS trucks.

The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed in its daily bulletin that the refinery had restricted sales to affiliated outlets since last Thursday, causing tight supply nationwide.

Jeremiah Olatide, CEO of PetroleumPrice.ng, attributed the refinery’s slowdown to crude shortages, operational restructuring, and the recent layoff of about 800 workers.

“They are currently managing limited stock and loading only their own trucks,” Olatide said.
“Private marketers who have Product Finance Instruments have not been able to lift fuel for days.”

He warned that the disruption was distorting the downstream market and could trigger fresh inflationary pressures if not quickly resolved.

Nationwide Impact

Across states like Sokoto, Edo, Oyo, and Gombe, long queues returned to filling stations as motorists struggled to access petrol.

In Sokoto, pump prices climbed to between ₦960 and ₦1,050 per litre, with many NNPC outlets reportedly closed for over a week.

A motorist in the state told Emmynet24 news media that he queued for nearly an hour at AA Rano station, paying ₦960 per litre, adding:

“Even though I don’t have the money, I had to borrow to buy fuel. It’s unfortunate.”

Economic Concerns

With the price of petrol approaching the ₦1,000 mark, analysts warn of renewed inflationary pressure on transportation, food, and manufacturing costs.

Efforts to reach Dangote Group spokesperson, Anthony Chiejina, for comments were unsuccessful, as calls and messages were not returned.

Despite assurances from marketers that prices would stabilise once imports begin and Dangote resumes full operations, consumers continue to face uncertainty at the pumps.

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