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Petrol pump prices surge to ₦970/L amid refinery-marketer dispute
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Dangote Refinery, depot owners raise ex-depot rates across board
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IPMAN blames forex, crude oil prices for nationwide hike
Petrol pump prices across Nigeria spiked sharply on Saturday, with some filling stations in Abuja now dispensing at ₦935 to ₦970 per litre, following a fresh round of price hikes triggered by a face-off between Dangote Refinery and independent marketers.
According to reports from Empire Energy and Ranoil stations in Gwarinpa, the price of Premium Motor Spirit (PMS) rose overnight from ₦905 and ₦900 to ₦935 and ₦970 per litre, respectively.
The surge follows reports that Dangote Refinery and major depot owners adjusted their ex-depot rates upward, prompting marketers to transfer the additional costs to consumers.
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Speaking on the development, Chinedu Ukadike, spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN), said:
“As of Friday pricing, Dangote Refinery’s ex-depot price is ₦858 per litre, up from ₦820. Depot owners also increased prices — NIPCO (₦870), Aiteo (₦855), and Ranoil (₦855).”
Ukadike cited the worsening exchange rate and volatility in global crude oil prices as key reasons behind the price hikes.
Despite the surge, NNPC and a few retail stations such as MRS, Optima, and AP Ardova were still dispensing fuel at lower rates between ₦885 and ₦890 per litre at the time of reporting.
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Crude oil benchmarks also dropped slightly Saturday morning, with Brent trading at $69.67 and West Texas Intermediate (WTI) at $67.33, according to data from oilprice.com.
The ongoing standoff between Dangote and marketers reportedly stems from the refinery’s proposed direct-to-consumer fuel distribution model, which has sparked resistance from existing distribution networks.
