Marketers decry uncertainty as petrol nears N1,300/litre

Marketers are expressing alarm over the escalating cost of Premium Motor Spirit (petrol), which has reached between N1,250 and N1,300 per litre in certain areas following a recent price hike by Dangote Petroleum Refinery. Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, highlighted the challenges marketers face in planning their businesses amidst the volatile international oil market, government policies, and fluctuating exchange rates.

Dangote Refinery raised its petrol price by N15 per litre on August 26, 2026, from N1,185 to N1,200, following a previous increase of N20 per litre just five days earlier. The marketer's association acknowledges that the latest price hike comes at a time when international crude oil prices are declining, adding to the uncertainty.

Independent marketers are grappling with the impacts of fluctuating crude prices, financial factors, and the crisis between Iran and the United States, which could further contribute to price irregularities in Nigeria. The Association stresses that the rising petrol prices are ultimately affecting both marketers and consumers, with the latter also bearing the burden of inflation.