The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has surged to nearly ₦1,000 per litre, sparking blame-trading between marketers and retailers across Nigeria.
On Monday, NNPCL retail outlets in Abuja, Nasarawa, and Kogi states hiked prices by ₦65, raising the pump price from ₦890 to ₦955 per litre in just 48 hours.
The price surge follows reports that major independent marketers like Ranoil, AA Rano, Shema, Empire Energy, Optima, and others had already adjusted their rates to between ₦950 and ₦971 per litre over the weekend.
Crude oil prices also dipped, with Brent and WTI futures falling to $68.70 and $66.24 per barrel, respectively, further complicating the local fuel market situation.
In separate interviews, the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) gave differing reasons for the hike.
IPMAN spokesman, Chinedu Ukadike, cited the rising exchange rate, higher ex-depot prices, and supply-demand imbalances in the deregulated market. He also mentioned that the Dangote Refinery had adjusted its ex-depot price to ₦858 per litre.
On the other hand, PETROAN President, Billy Gillis-Harry, criticized the Dangote Refinery’s pricing system, calling for what he described as “proper fuel pricing.”
He argued that the refinery’s current pricing method is unsustainable and could worsen the fuel affordability crisis for Nigerians.
As the nation awaits regulatory intervention, the burden of surging fuel prices continues to weigh heavily on households and businesses.
