The price of Premium Motor Spirit (PMS), popularly known as petrol, has surged by 6.8 percent, rising from ₦890 to ₦955 per litre within a week, worsening the economic strain on Nigerians already grappling with soaring living costs.
A market survey conducted across retail stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers in major cities such as Lagos and Abuja revealed that the product now sells between ₦900 and ₦955 per litre, depending on location and supplier.
According to a report by Vanguard, the latest increase stems from supply and logistics challenges affecting key players in the petroleum supply chain, including the NNPCL and the Dangote Refinery.
In a telephone interview, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the spike to multiple bottlenecks in the fuel distribution network.
“Dangote increased their loading price to ₦845 per litre, up from ₦825, which has translated into retail prices ranging from ₦900 to ₦955, depending on the location,” Ukadike said.
He also highlighted that product availability outside the NNPCL retail network remains limited.
“NNPCL supplies only to its retail outlets. Presently, the supply from Dangote is insufficient for other marketers. Many of our members who made payments for products have been waiting for over two weeks without loading,” he added.
Ukadike warned that the shortfall has triggered panic buying and price volatility across the country.
“When people scramble for products, prices will naturally go up. Some marketers who paid for about three million litres from Dangote received only one million litres, as the refinery continues to ration products among marketers,” he noted.
The ongoing scarcity and rising prices further highlight Nigeria’s fragile fuel supply chain, as the country remains heavily dependent on refined fuel imports despite local refining efforts.
Analysts warn that the latest increase in petrol prices could deepen inflationary pressures, drive up transportation costs, and further erode household purchasing power in Africa’s largest economy.
