MARKETERS DECRY UNCERTAINTY AS PETROL NEARS ₦1,300/LITRE

Petroleum marketers have raised concerns over the rising price of Premium Motor Spirit, saying petrol is now selling at between ₦1,250 and ₦1,300 per litre in some locations across Nigeria.

The development followed the latest increase in the gantry price of petrol by Dangote Petroleum Refinery, which raised its price by ₦15 per litre, from ₦1,185 to ₦1,200, effective August 26, 2026. The latest adjustment came just days after the refinery increased the price from ₦1,165 to ₦1,185 per litre.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the frequent price changes were making it difficult for marketers to plan their businesses.

He attributed the uncertainty to fluctuations in the international oil market, government policies and exchange rate movements, noting that marketers do not determine the cost of petroleum products at the refinery level.

Ukadike said the latest increase was particularly concerning because international crude oil prices had recently declined.

He explained that continued volatility in crude prices and other financial factors was making it difficult for independent marketers to determine their operating costs and pricing strategies.

The development also comes amid renewed tension between the United States and Iran, which has increased uncertainty in the global oil market. Recent sanctions and concerns over supplies through the Strait of Hormuz have contributed to fluctuations in crude prices.

Ukadike warned that prolonged geopolitical tensions could trigger further irregularities in petrol prices in Nigeria.

He said independent marketers and consumers were ultimately bearing the impact of the price fluctuations, as changes in the cost of refined products are passed through to retail pump prices.

The latest adjustment means Dangote Refinery has increased its petrol gantry price by ₦35 per litre within less than a week, from ₦1,165 to ₦1,200.

Marketers said the volatility could continue to affect transport costs, business operations and household spending as they adjust to changing product prices.

The development is expected to keep pressure on consumers and businesses while marketers monitor international crude prices, exchange rates and further changes in the domestic petroleum market.