Marketers Lament Uncertainty as Petrol Price Nears N1,300/litre

Marketers Lament Uncertainty as Petrol Price Nears N1,300/litre

Petrol marketers have expressed concern over the rising cost of Premium Motor Spirit (petrol), saying the price of the commodity has climbed to between N1,250 and N1,300 per litre in some locations following the latest increase by Dangote Petroleum Refinery.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the development was making it increasingly difficult for marketers to plan their businesses amid volatility in the international oil market, government policies and exchange rate movements.

The Dangote refinery had on Wednesday increased its gantry price of PMS by N15 per litre, from N1,185 to N1,200, effective August 26, 2026. The latest adjustment came barely five days after the refinery raised its petrol price from N1,165 to N1,185 per litre.

Reacting to the development, Ukadike acknowledged that the latest increase was coming at a time when international crude oil prices were declining. He said marketers were contending with several factors that continued to create uncertainty in the downstream oil market.

“We are facing the challenges of the volatility in the market. There are policies of the government, policies of the international market, and the exchange rate. These are inherent dispositions to the increase in pump prices. We are not refiners to be able to determine the price of petroleum products,” he stated.

Ukadike, however, said Dangote had previously responded to international market movements by reducing its prices. “But I also believe that Dangote has been consistent in terms of reducing its price in line with the international market rate. With this situation now, we cannot, at this particular point in time, structure…