Marketers decry uncertainty as petrol nears N1,300/litre

Marketers are expressing alarm as petrol prices approach N1,300 per litre in Nigeria. The Independent Petroleum Marketers Association of Nigeria (IPMAN) reported that the cost of Premium Motor Spirit (PMS) has surged to between N1,250 and N1,300 per litre in various locations following the latest price hike by the Dangote Petroleum Refinery.

IPMAN's National Publicity Secretary, Chinedu Ukadike, stated that this price volatility is making it difficult for marketers to plan their businesses amid uncertainty in the international oil market, government policies, and exchange rate fluctuations. The Dangote refinery increased its PMS gantry price by N15 per litre, from N1,185 to N1,200, effective August 26, 2026.

This price adjustment follows a previous increase of N20 per litre, from N1,165 to N1,185. Ukadike noted that marketers are grappling with the challenges posed by market volatility, government policies, and exchange rate movements. He acknowledged that the latest increase is happening when international crude oil prices are declining, but independent marketers continue to face difficulties in structuring their businesses due to these factors.

The continuing tension between Iran and the United States could exacerbate price irregularities in Nigeria, Ukadike added. The IPMAN official emphasized that both marketers and consumers are bearing the brunt of these price increases, as fluctuations ultimately impact pump prices and contribute to inflation.