, commonly known as petrol, has surged again, climbing to ₦955 per litre in several){kind=link}
The cost of Premium Motor Spirit (PMS), commonly known as petrol, has surged again, climbing to ₦955 per litre in several parts of the country, a 6.8 per cent increase from the ₦890 recorded just a week ago.
The new hike, observed across both Nigerian National Petroleum Company Limited (NNPCL) retail stations and outlets run by independent marketers in cities such as Lagos and Abuja, adds to the mounting pressure on households already battling inflation and soaring transport costs.
Rising costs, growing concerns
According to Vanguard, a market survey yesterday revealed that petrol now sells between ₦900 and ₦955 per litre, depending on the location and supplier.
This development has fueled growing anxiety among motorists and commuters, with transport fares and goods prices expected to rise further in the coming days.
Industry sources revealed that the increase stems from ongoing supply and logistics challenges plaguing major fuel suppliers, including NNPCL and the Dangote Refinery.
The situation has led to inconsistent distribution and mounting delays in product delivery to depots across the country.
Marketers point to bottlenecks
Speaking with reporters, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Ukadike, said multiple issues within the distribution network are behind the sudden jump in prices.
“Dangote Refinery recently adjusted its loading price from ₦825 to ₦845 per litre. Once you factor in transportation and operational costs, it naturally pushes retail prices closer to ₦950,” Ukadike explained.
He added that while NNPCL stations continue to receive steady allocations, independent marketers are facing prolonged loading delays.
“Many of our members have made payments for products but have been unable to load for over two weeks,” he said. “The limited supply from Dangote and the rationing system being implemented are worsening the scarcity.”
Scarcity triggers panic buying
The shortfall in supply, Ukadike warned, has led to panic buying and speculative pricing among dealers.
“When marketers are not sure of when next they’ll get products, prices tend to fluctuate. Some who ordered millions of litres are getting less than half their request,” he noted. “This uncertainty fuels a cycle of scarcity and price hikes.”
Economic ripple effects
The latest price surge shows Nigeria’s continued vulnerability in its downstream petroleum sector, despite recent efforts to boost local refining capacity.
Analysts warn that the ripple effect could worsen inflationary pressures, affecting everything from transportation to food prices.
Energy analyst Kunle Adebayo said that the hike highlights the country’s overdependence on imported refined products.
“Until Nigeria fully stabilises domestic refining and addresses logistics bottlenecks, petrol prices will remain at the mercy of market disruptions,” he said.
A strain on consumers
For many Nigerians, the impact is immediate and painful. Commuters in Lagos and Abuja report fare increases on key routes, while small business owners say operational costs have shot up overnight.
“I now spend almost double on fuel for my generator and delivery vehicle,” said a Lagos-based baker, Tolu Hassan. “It’s becoming impossible to keep prices stable for customers.”
As Nigerians brace for more difficult weeks ahead, the government faces mounting pressure to intervene, ensure steady supply, and address the underlying challenges that keep pushing petrol prices to record highs.