By Egharevba Aiseosa
Petrol Price Rises to ₦955 per Litre Amid Supply, Logistics Challenges
The price of Premium Motor Spirit (PMS), popularly known as petrol, has risen by 6.8 percent, climbing to ₦955 per litre from ₦890 per litre recorded last week.
A market survey conducted by Vanguard across filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers in Lagos and Abuja revealed that petrol is currently being sold between ₦900 and ₦955 per litre, depending on the location.
Speaking in a telephone interview, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the increase to supply and logistics constraints faced by major suppliers, including NNPCL and Dangote Refinery.
Also read:BREAKING: Dangote Refinery Reduces Petrol Price Again to N825 per Litre
According to him, “Dangote increased its loading price to ₦845 per litre from the previous ₦825, which has consequently pushed the pump price to between ₦900 and ₦955 per litre, depending on the area.”
Ukadike further explained that supply from the NNPCL is currently limited to its retail outlets, while Dangote Refinery’s output remains insufficient to meet marketers’ demands.
“Many of our members who paid for products at Dangote have not been able to load for over two weeks. When products become scarce, prices naturally go up. Some marketers who paid for about three million litres were only allocated one million litres, as products are now being rationed,” he said.
The current supply shortfall and rationing among marketers have intensified competition for available stock, driving up retail prices nationwide.
