Nigerians are currently feeling the pressure of yet another petrol price increase, as the pump price of fuel is now hovering around ₦950 to ₦971 in some parts of the country. In cities like Abuja and neighboring states, the situation has worsened, with the Nigerian National Petroleum Company Limited (NNPCL) adjusting its prices sharply upward.
This latest petrol price increase has led to a war of words between major industry players. While independent marketers point to the rising exchange rate of the dollar as a major factor, others are pointing fingers directly at the Dangote Refinery.
According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the weakening naira and increased depot costs are making it nearly impossible to keep prices stable. Depot owners, they argue, are adjusting their ex-depot prices in response to dollar fluctuations.
Meanwhile, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has taken a different stance. They blame the petrol price increase on what they describe as an unfair pricing model from the Dangote Refinery. The association claims the refinery’s price structure isn’t reflecting real market conditions, making it harder for retailers to keep prices low.
With global crude prices currently on a decline, many expected a reduction in local pump prices. However, the opposite has happened, and Nigerians are once again left to deal with the consequences of a deregulated fuel market and a fragile economy.
As the petrol price increase continues to affect everyday life, citizens are demanding clearer answers and more accountability from those at the top.
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