Marketers Decry Uncertainty as Petrol Nears N1,300/Litre

Petrol marketers have expressed concern over rising Premium Motor Spirit prices, saying the commodity is selling for between N1,250 and N1,300 per litre in some locations following the latest price increase by Dangote Petroleum Refinery.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the volatility was making it increasingly difficult for marketers to plan their businesses.

The Dangote refinery on Wednesday raised its PMS gantry price by N15 per litre, from N1,185 to N1,200, effective August 26, 2026. The increase came less than a week after the refinery raised the price from N1,165 to N1,185.

Ukadike said marketers were dealing with uncertainty caused by international oil prices, government policies and exchange-rate movements.

He said, “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.”

According to him, marketers were struggling to structure their businesses because of the frequent price movements.

“Prices have been fluctuating, and we are still loading. PMS is now close to N1,290, N1,300 or N1,250. So, the price of petrol will continue to be volatile as long as the price of crude is not stable and other factors relating to the financial situation,” he said.

Ukadike noted that the fluctuations were affecting both marketers and consumers, as changes in the cost of refined products were eventually reflected in pump prices.

“Independent marketers and Nigerians are the ones bearing the brunt of these rises and fluctuations, because whatever happens will get to the pump price, which will continue to affect inflation in the country,” he said.

The latest adjustment means Dangote Refinery has increased its PMS gantry price by N35 per litre in less than a week, from N1,165 to N1,200.

The development comes amid volatility in the international oil market, with marketers warning that movements in crude prices and other financial factors could continue to influence petrol prices in Nigeria.

Dealers under the Petroleum Products Retail Outlets Owners Association of Nigeria have also expressed concern about the frequent price changes, saying they create losses for businesses and increase pressure on consumers.

They noted that while consumers bear the impact of higher petrol prices, marketers also face losses when the cost of refined products rises unexpectedly.

With Dangote Refinery having a nameplate capacity of 700,000 barrels per day, its pricing decisions remain significant to Nigeria’s downstream petroleum market.

Marketers said continued volatility could make business planning increasingly difficult and further increase pressure on consumers and inflation.