Petrol prices soar as marketers struggle with volatility
Petrol marketers are raising alarms over the increasing cost of Premium Motor Spirit, with prices now reaching up to N1,300 per litre in some areas. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, highlighted the challenges marketers face due to unpredictable market conditions and frequent price adjustments by Dangote Petroleum Refinery. The refinery recently increased its gantry price, intensifying concerns among marketers and consumers. Ongoing international tensions and fluctuating crude prices are further complicating the situation for both businesses and end-users.
TLDR
- Dangote Petroleum Refinery increased its gantry price of petrol by N15 per litre, from N1,185 to N1,200, effective August 26, 2026.
- The latest adjustment came less than a week after a previous increase from N1,165 to N1,185 per litre.
- Marketers say volatility in the international oil market, government policies, and exchange rate fluctuations are making business planning difficult.
- Petrol prices have climbed to between N1,250 and N1,300 per litre in some locations, with both marketers and consumers feeling the impact.
- Ongoing tensions between Iran and the United States, as well as fluctuating global crude prices, continue to drive uncertainty in Nigeria’s downstream oil market.
