By Opeyemi Adelakun
Motorists across Nigeria are paying up to N1,230 per litre for Premium Motor Spirit (PMS) following a fresh increase in petrol prices triggered by the Dangote Petroleum Refinery’s dollar-based sales to marketers and rising global crude oil prices linked to renewed tensions in the Middle East.
The latest price adjustment has pushed pump prices higher in several states, with marketers citing increased replacement costs and foreign exchange pressures as key factors behind the upward review.
Investigations showed that retail prices now range between N1,100 and N1,230 per litre, depending on location, while private depot prices climbed to between N1,185 and N1,245 per litre, raising concerns that further increases may follow.
The development comes amid a stronger dollar and higher international crude oil prices following renewed hostilities involving the United States and Iran, which have increased the cost of petroleum products globally.
Industry operators also linked the increase to the Dangote refinery’s decision to sell petrol to marketers in dollars, a move they say has made it more difficult for independent marketers to source products without additional foreign exchange costs.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) cautioned against allowing a single player to determine market prices, warning that arbitrary pricing could undermine competition and distort the downstream petroleum sector.
PETROAN National President, Dr Billy Gillis-Harry, said Nigeria’s fuel market requires a competitive pricing framework capable of ensuring stability and protecting consumers from frequent price shocks.
Meanwhile, reports that the Dangote refinery temporarily halted fuel loading were dismissed by the company, which insisted that operations remained uninterrupted and described the claims as false.
Checks across major cities, including Abuja, Kaduna, Port Harcourt, Enugu, Benin, Ilorin and Sokoto, showed that while petrol remained available at most filling stations, consumers were paying significantly higher prices than in previous weeks.
Although no widespread panic buying was observed, transport operators expressed concern that the latest increase would further squeeze their earnings and likely translate into higher transport fares and rising costs of goods and services.
Energy analysts warned that unless foreign exchange pressures ease and global oil prices stabilise, motorists may continue to face elevated fuel prices in the coming weeks.
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