Petroleum marketers in Nigeria are now looking to import petrol independently as prices approach the N1,000 per litre mark in major cities. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that supply constraints and production issues at the Dangote Petroleum Refinery have worsened the situation.
Chinedu Ukadike, the National Publicity Secretary of IPMAN, confirmed that members of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are making arrangements for petrol imports to stabilize retail prices. He expressed optimism that increased competition would lead to price reductions.
Recent reports show that petrol prices have surged from about N865 to N950 per litre, with some outlets charging as high as N1,000. The rise in prices comes despite earlier expectations that the Dangote refinery would lower prices to around N841 per litre.
Depot owners have been blamed for the sudden price hikes, with IPMAN President Abubakar Shettima stating that increased depot prices have led to adjustments at filling stations. The Nigerian National Petroleum Company Limited (NNPCL) has also raised its prices in response to the increased ex-depot rates.
The current situation has raised concerns among consumers, who are already facing high transportation and food costs. Analysts warn that this price spike could further exacerbate inflation across various sectors.
Efforts to reach the Dangote refinery for comment have been unsuccessful, but sources suggest that ongoing maintenance and workforce reductions may be contributing to the supply challenges.
