The price of Premium Motor Spirit (PMS), popularly known as petrol, has increased by 6.8 per cent, climbing to ₦955 per litre from ₦890 sold the previous week.
Checks by Vanguard at filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers in Lagos and Abuja revealed that pump prices now range between ₦900 and ₦955 per litre, depending on location.
Speaking with Vanguard on Monday, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the fresh hike to supply and logistics challenges currently facing major players in the downstream sector, including NNPCL and Dangote Refinery.
“Dangote has increased its loading price from ₦825 to ₦845 per litre, which has pushed retail prices to between ₦900 and ₦955, depending on transportation costs and location,” Ukadike explained.
He further disclosed that the supply from Dangote Refinery remains insufficient to meet national demand, adding that many independent marketers who made payments for products weeks ago are yet to receive their consignments.
“Some marketers who paid for about three million litres were allocated only one million litres. This rationing has created scarcity, forcing others to scramble for available stock, which naturally drives up the price,” he added.
Ukadike noted that while NNPCL continues to supply its own retail outlets directly, most independent marketers depend on Dangote Refinery for their supply — a situation that has worsened the uneven distribution of products across the country.
The current increase comes at a time Nigerians are grappling with rising transportation fares and higher living costs, further straining household budgets.
As of Tuesday morning, long queues were visible at several stations in parts of Lagos, Abuja, and Port Harcourt, with many motorists expressing frustration over the persistent volatility of petrol prices.
