Petrol Nears ₦1,000 As Marketers Blame Depots

Petrol prices have surged dangerously close to ₦1,000 per litre across major Nigerian cities, as marketers and consumers grapple with a worsening supply crisis blamed on depot operators and production hiccups at the Dangote Petroleum Refinery.

The development has left motorists facing long queues and unpredictable pump prices, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) accusing depot owners of taking advantage of recent supply disruptions to hike ex-depot rates.

Marketers Move To Import Petrol Independently

Members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have begun arrangements to independently import petrol in a bid to stabilise retail prices. Industry sources say the move is part of a broader effort to introduce competition into the downstream market, which has been heavily reliant on supplies from the Dangote refinery and the Nigerian National Petroleum Company Limited (NNPCL).

Marketers believe that the return of multiple importers could ease pressure on prices in the coming weeks. “Once competition returns, prices will begin to drop,” one senior industry source said.

Petrol prices rose from about ₦865 to an average of ₦950 per litre between Monday and Tuesday, with reports of some stations in Lagos, Abuja, Rivers, and Sokoto selling for as high as ₦1,000.

The hike comes despite expectations that prices would fall to about ₦841 per litre, following earlier assurances from the Dangote refinery under its new logistics-free distribution plan introduced in September.

However, that adjustment never materialised. Instead, supply bottlenecks and the refinery’s temporary halt in fuel loading reportedly worsened scarcity across the country.

Depot Owners Raise Prices As Supply Tightens

Independent checks showed that major depots increased their ex-depot prices from around ₦830 to as high as ₦900 per litre. Data from petroleumprice.com revealed that depots such as Matrix, Liquid Bulk, and RainOil sold petrol between ₦885 and ₦900, while Pinnacle offered at ₦885 and NIPCO at ₦850.

The ripple effect of the price surge was immediate. NNPC retail outlets raised their pump prices from ₦870 to between ₦920 and ₦928 per litre in Lagos and Ogun states. Dangote’s retail partner, MRS, sold at ₦925, while other independent stations adjusted between ₦900 and ₦950.

Dangote Refinery Slashes Ex-Depot Petrol Price to ₦820 Per Litre

IPMAN President Abubakar Shettima attributed the chaos to “artificial scarcity” created by depot owners, noting that they increased prices after discovering that Dangote had suspended loading for several days.

Consumers across the Federal Capital Territory, Oyo, Edo, and Rivers states have since reported longer queues and panic buying, worsening traffic congestion and public frustration.

An NNPC spokesperson explained that the company had no choice but to adjust its prices, saying that “all retail stations respond to depot price movements.”

Industry insiders suggest that the Dangote refinery’s reduced output may be linked to ongoing maintenance work or the recent layoff of technical staff. The refinery, however, has not issued any official explanation.

Rising Prices Deepen Economic Pressure

The latest fuel price surge threatens to further compound Nigeria’s inflation crisis, already driven by high transportation costs and the depreciation of the naira.

Economists warn that the ripple effects will extend to food prices and basic goods, intensifying pressure on households and small businesses.

While marketers prepare to resume importation to restore balance, ordinary Nigerians continue to face the daily burden of skyrocketing fuel costs, uncertainty at filling stations, and the impact on an already fragile economy.