The price of Premium Motor Spirit (PMS), popularly known as petrol, has risen by 6.8 percent to ₦955 per litre, up from ₦890 per litre recorded last week.
A market survey at filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and Independent Marketers in Lagos and Abuja showed that petrol is currently being sold between ₦900 and ₦955 per litre, depending on the location.
Speaking in a phone interview, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the price hike to supply and logistics challenges faced by major marketers, including NNPCL and Dangote Refinery.
According to him, “Dangote increased its loading price to ₦845 per litre, up from the previous ₦825. This has pushed the retail price to between ₦900 and ₦955 per litre, depending on where the station is located.
“We are aware that NNPCL currently supplies only its own retail outlets. Supply from Dangote is not yet sufficient to meet marketers’ demand. Many of our members who paid for products two weeks ago have still not been able to load.”
Ukadike further explained that the shortfall in supply has led to rationing and intense competition among marketers. “When marketers scramble for limited products, prices inevitably go up. Some marketers who paid for about three million litres from Dangote have only received one million litres, as the refinery continues to ration supplies,” he added.
