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Petroleum marketers across Nigeria have begun moves to import petrol independently as pump prices edge closer to ₦1,000 per litre in several cities, amid worsening supply challenges and production setbacks at the Dangote Petroleum Refinery.
This comes as supply tightness, refinery downtime, and depot price hikes drive up costs for motorists already struggling with high transportation and food expenses.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed the development in an interview with The SOURCE on Tuesday, stating that members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are finalising arrangements to begin fuel importation in a bid to restore market stability.
Ukadike said competition from new importers could help drive prices down once the supply situation improves.
“Yes, petrol price is still going to come down because some marketers, especially DAPPMAN members, have applied and are going to import petrol. If their prices are cheaper than Dangote’s, we will have no choice but to patronise them,” he said. “Prices will come down once there’s competition in the market.”
Checks by The PUNCH showed that the pump price of petrol — also known as Premium Motor Spirit (PMS) — now ranges between ₦920 and ₦955 per litre in several retail outlets, while some stations in Abuja, Lagos, and Sokoto have raised prices to as high as ₦1,000 per litre.
Just last month, Nigerians had expected prices to fall to around ₦841 per litre following the launch of Dangote Refinery’s logistics-free fuel distribution scheme. However, the refinery’s recommended price reduction has yet to reflect at the pump.
In the Federal Capital Territory, petrol sold for ₦955 per litre at some NNPC outlets in Gwarinpa and Lugbe, while in Lagos, NNPC stations sold at ₦928 per litre. Across Edo, Rivers, Oyo, and Gombe States, retail prices hovered between ₦900 and ₦1,000 per litre, sparking long queues and panic buying.
The IPMAN President, Abubakar Shettima, attributed the price surge to private depot owners who reportedly hiked their ex-depot rates after Dangote Refinery paused product loading for several days.
“Depot owners increased their prices when they saw that Dangote stopped fuel loading,” Shettima explained. “But I believe these things are temporary. Once Dangote resumes full operations, prices will come down.”
According to data from Petroleumprice.com, private depots sold petrol between ₦850 and ₦900 per litre on Tuesday — up from an average of ₦830 per litre the previous week.
Major depots such as Matrix, Fynefield, and Liquid Bulk sold at ₦900; Northwest, ₦895; Pinnacle, ₦885; RainOil, ₦890; NIPCO, ₦850; Aiteo, ₦878; and Sigmund, ₦890.
As a result, retail outlets adjusted pump prices accordingly. NNPC retail stations sold petrol at ₦928 per litre in Ogun and Lagos — a ₦50 increase from last week’s average of ₦870.
When contacted, NNPC spokesperson Andy Odeh confirmed that the company adjusted prices in response to rising ex-depot rates.
“The ex-depot prices have gone up. When that happens, retail prices must adjust accordingly — this is not unique to NNPC; it’s across all marketers,” Odeh said.
The Dangote Refinery — Africa’s largest with a capacity of 650,000 barrels per day — reportedly stopped selling petrol to marketers last week, leading to tight supply across the country.
Sources familiar with the operations said the halt may be due to internal maintenance or workforce disruptions following the mass layoff of about 800 engineers.
Jeremiah Olatide, Chief Executive Officer of PetroleumPrice.ng, confirmed that the refinery had suspended gantry loading for most private marketers since last Thursday, restricting supply to its own and MRS trucks.
“The refinery is only loading its own trucks and those of MRS. Private marketers who obtained Product Finance Instruments have not been able to load for several days,” he said.
Olatide noted that the refinery is facing crude supply shortages in addition to labour disruptions, leading to a severe reduction in output. “They are managing low stock levels. This is similar to the gas supply crisis we saw earlier this year,” he added.
In Sokoto State, motorists reported paying between ₦960 and ₦1,050 per litre, as all NNPC outlets remained closed for over a week. At AA Rano stations, prices rose from ₦930 to ₦960 per litre within days, while some independent marketers now sell above ₦1,000.
A motorist said that he borrowed money from his wife to buy fuel. “I’ve been here for about 40 minutes trying to get this product. I heard it’s ₦992 in Lagos. Only God knows what we’ll pay here,” he lamented.
With the cost of petrol now approaching ₦1,000 per litre, economists warn of fresh inflationary pressures across key sectors — including transportation, food, and manufacturing.
Industry analysts believe that if independent importers successfully resume petrol importation, market competition could ease prices temporarily. However, sustained stability will depend on Dangote Refinery’s production recovery and consistent crude supply.
Multiple attempts to reach the refinery’s spokesperson, Anthony Chiejina, were unsuccessful, as calls and messages to his phone went unanswered.
