The price of Premium Motor Spirit (PMS), popularly known as petrol, has surged by 6.8 percent, rising to ₦955 per litre from ₦890 sold just last week.
A market survey by Vanguard across fuel stations owned 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.
Speaking with Vanguard by phone, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, blamed the hike on supply and logistics challenges facing major industry players, including NNPCL and the Dangote Refinery.
According to Ukadike, “Dangote increased their loading price from ₦825 to ₦845 per litre, which automatically pushed the retail price to between ₦900 and ₦955 per litre depending on location.”
He added that supply shortages have worsened the situation, as many independent marketers who paid for products from Dangote are yet to receive their full allocations.
“NNPCL only supplies its own retail outlets, while marketers are struggling to get products from Dangote. Some who paid for about three million litres have received just one million, as the refinery rations supply among buyers,” Ukadike lamented.
He warned that the scarcity and price hikes may persist unless product distribution and supply improve in the coming days.
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