Petrol Pump Prices Climb As Oil Marketers Navigate Fuel Scarcity

Petrol Pump Prices Climb As Oil Marketers Navigate Fuel ScarcityMajor oil marketers in Nigeria have increased the price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,010 to ₦1,050 per litre, marking a 4% rise in Lagos and surrounding areas. Independent marketers have also raised their prices, which now range between ₦1,100 and ₦1,200 per litre, up from approximately ₦1,060, with variations depending on location.

An investigation by Vanguard reveals that in the deregulated market, petrol prices are not uniform, leading to minor discrepancies across different filling stations, although some do maintain similar rates.

In response to claims from the Independent Petroleum Marketers Association of Nigeria (IPMAN) about difficulties in loading refined products from its facility, Dangote Refinery has labeled these assertions as misleading.

In a statement released on Thursday, the refinery clarified that it does not engage directly with IPMAN and has not received any payments from the association for petrol purchases. IPMAN President Abubakar Garima had previously stated in a TV interview that members faced challenges despite paying ₦40 billion to the Nigerian National Petroleum Company Limited (NNPCL).

Dangote’s Group Chief Branding and Communication Officer, Anthony Chiejina, countered these claims, explaining that petroleum marketers have yet to register or establish direct dealings with the refinery. He emphasized that Dangote Refinery has the capacity to load 2,900 trucks daily and can also evacuate products via sea. The refinery encouraged IPMAN to follow proper procedures, noting that there is an abundance of fuel available.

Furthermore, Dangote clarified that discussions are ongoing with IPMAN and cannot be held accountable for any payments made to other parties, as the payment in question was processed through NNPCL, not directly to Dangote Refinery.

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