Petrol prices have surged perilously close to N1,000 per litre in major cities, igniting a blame game among fuel marketers who accuse depot owners of capitalizing on production disruptions at the Dangote Petroleum Refinery.
The escalation, which saw pump prices climb from around N865 to N920-N955 per litre on Tuesday, has triggered long queues, panic buying, and renewed fears of economic strain just as inflation begins to ease.
The crisis unfolded after the 650,000-barrels-per-day Dangote Refinery suspended gantry loading for most private marketers since last Thursday, limiting distribution to its own trucks and those of partner MRS Oil.
Launched on September 15 with promises of N841 per litre in the South West and N851 in Abuja, Edo, Kwara, Rivers, and Delta, the refinery's logistics-free scheme faltered amid crude supply shortages, the recent sacking of about 800 engineers, an internal reorganization, and a strike by NUPENG workers.
Independent marketers, despite holding Product Finance Instruments (PFI), have been unable to load fuel, exacerbating shortages.Ex-depot prices spiked from an average N830 to N890 per litre on Monday, with further hikes on Tuesday: Matrix, Fynefield, and Liquid Bulk at N900; Northwest at N895; Pinnacle at N885; RainOil and Sigmund at N890; NIPCO at N850; and Aiteo at N878.
Retail adjustments followed swiftly, with NNPC outlets now charging N955 in Gwarinpa and Lugbe (FCT), N928 in Lagos and Ogun—up N50 from N870-N890—and up to N992 reported in Lagos. Independent stations hit N960-N1,050 in Sokoto, N900-N1,000 in Edo, Rivers, Oyo, Gombe, and parts of Lagos and Abuja, while MRS stations stood at N925 in Ogun.
The reversal undoes an August price cut to N865 in Lagos and N890 in Abuja."This is a reflective market—when suppliers hike, retailers must follow to eke out a profit," said Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
He dismissed exchange rate fluctuations as irrelevant, pinning the issue on production factors, but expressed optimism: "Prices will come down once competition heats up.
DAPPMAN members are applying to import, and we'll buy where it's cheaper."IPMAN President Abubakar Shettima echoed the hope, targeting depot owners affiliated with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) for the opportunism.
"DAPPMAN are the only ones selling now, and they jacked up prices the moment Dangote stopped loading," Shettima said. "But it's temporary—if Dangote resumes tomorrow, things will normalize quickly.
"NNPC spokesperson Andy Odeh confirmed the pass-through effect: "Ex-depot prices rose, so all retailers adjusted accordingly." Jeremiah Olatide, CEO of PetroleumPrice.ng, painted a grimmer picture, noting the refinery's prioritization of its fleet left private operators high and dry.
"There's a clear supply glitch, like the gas crisis earlier—low stock, crude issues, and those layoffs are biting hard," Olatide warned. "Private depots halted sales today and want even higher prices."
The fallout has hit consumers squarely in Nigeria's deepening cost-of-living woes. Long lines snaked through filling stations in Lagos, Ogun, Abuja, Edo, Rivers, Oyo, Gombe, and Sokoto, with NNPC outlets in Sokoto shuttered for a week.
The Major Energies Marketers Association of Nigeria (MEMAN) corroborated the loading suspension in its daily bulletin, highlighting shortages at independent outlets.
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