Fuel Hits ₦1,000/Litre as Blame Flies

Fuel Price Nears N1,000 as Marketers and Retailers Shift Blame

As the price of Premium Motor Spirit (PMS) inches closer to N1,000 per litre, tension is growing between petroleum marketers and fuel retailers over who is responsible for the latest surge.

On Monday, DAILY POST reported that the Nigerian National Petroleum Company Limited (NNPCL) had adjusted pump prices at its outlets nationwide.

In key states like Abuja, Nasarawa, and Kogi, the pump price rose sharply — jumping by N65 to N955 per litre, up from N890 over the weekend. This steep increase has left Nigerians grappling with higher fuel costs in just 48 hours, intensifying the economic strain across the country.

Fuel Prices Surge Toward N1,000 per Litre as Marketers, Retailers Trade Blame

Amid rising fuel prices across Nigeria, petroleum marketers and fuel retailers are pointing fingers over who is responsible for the latest surge in Premium Motor Spirit (PMS) costs, which are now approaching N1,000 per litre.

According to a DAILY POST report on Monday, the Nigerian National Petroleum Company Limited (NNPCL) raised pump prices at its retail outlets nationwide. In Abuja, Nasarawa, and Kogi states, NNPCL increased its petrol price by N65 — from N890 at the weekend to N955 per litre — forcing consumers to pay significantly more in just 48 hours.

This follows earlier exclusive reports by DAILY POST over the weekend indicating that major filling stations such as Ranoil, AA Rano, Shema, Empire Energy, and Optima had already hiked their prices to between N950 and N971 per litre in the capital city.

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Meanwhile, global oil prices showed a downward trend at the time of the report. Brent crude fell to $68.70 per barrel, while West Texas Intermediate (WTI) dropped to $66.24, raising further questions about the justification for domestic fuel price hikes.

Industry Groups Offer Conflicting Explanations

The fuel price increase has sparked a blame game between industry stakeholders, with different players citing various contributing factors. The Independent Petroleum Marketers Association of Nigeria (IPMAN) pointed to the volatile exchange rate and supply-demand dynamics in the deregulated downstream sector. On the other hand, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) criticized the pricing model adopted by the Dangote Refinery.

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Chinedu Ukadike, IPMAN’s spokesperson, said depot and refinery price hikes are a key reason behind the retail price surge. “Fuel prices have risen due to demand and supply forces. Depot owners and the Dangote Refinery have both raised their ex-depot rates. The exchange rate is also a major driver. As of Friday, Dangote was selling at N858 per litre, NIPCO at N870, Aiteo at N855, and Ranoil at N865,” he explained.

PETROAN’s President, Billy Gillis-Harry, placed the blame squarely on Dangote Refinery’s pricing structure. “We need to establish proper fuel pricing mechanisms. What Dangote Refinery is currently doing cannot be considered fair or transparent pricing,” he argued.

As fuel prices continue to rise and stakeholders trade accusations, Nigerians are left to bear the financial burden — with no clear resolution in sight.