Petrol prices are rising sharply in Nigeria, nearing ₦1,000 per litre in major cities.
Consequently, motorists and small businesses feel the pinch.
The surge follows a temporary halt in supplies from the Dangote Refinery.
Meanwhile, private depot owners have increased ex-depot prices, pushing retail costs even higher.
Depot prices jumped from about ₦750 per litre to between ₦875 and ₦900 in just a few days.
As a result, pumps in Abuja, Lagos, and Port Harcourt now charge up to ₦1,000.
Depot Owners And Pricing Power
The Dangote Refinery currently supplies less than half of Nigeria’s petrol demand.
Moreover, it plans to sell 75% of output via coastal loading and 25% by truck.
Industry insiders say depot owners exploit supply gaps to fix prices arbitrarily.
Accordingly, an IPMAN source commented, “Everyone is simply protecting margins.
Depot operators decide prices.”
IPMAN president, Abubakar Shettima, confirmed that Dangote paused petrol deliveries for several days.
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Therefore,marketers await the official ex-refinery price before adjusting pumps.
Analysts link the halt to crude feedstock and logistical challenges, while brief union disruptions also affected operations.
Some independent marketers now import petrol, a costly and risky alternative.
However, this step reflects their need to maintain supply despite rising costs.
Motorists Feel Petrol Prices Pinch
Despite hopes, Dangote cannot stabilise the market without consistent supply.
Consequently, irregular deliveries keep prices volatile.
Motorists and small businesses already feel the impact.
For instance, transport fares in Abuja rose by 30%, while Lagos and South-West stations face growing queues as outlets limit daily supply.
PETROAN president, Billy Gillis-Harry, calls the spike a temporary disruption.
He adds that supply will stabilise once Dangote resumes regular loading.
Market watchers warn that Nigeria’s reliance on imported petrol and crude drives structural vulnerabilities.
Furthermore, the weak naira pushes import costs higher, complicating pricing decisions.
Both IPMAN and PETROAN remain hopeful that prices will ease soon.
In particular, Shettima and Gillis-Harry expect normal supply and more predictable petrol prices within days.
