The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen by 6.8 percent to N955 per litre, up from N890 sold last week.

Findings revealed that several filling stations owned by the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers in Lagos and Abuja now sell petrol between N900 and N955 per litre, depending on location.

Speaking in a telephone interview, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the latest increase to supply and logistics challenges faced by major suppliers, including NNPCL and Dangote Refinery.

“Dangote increased its loading price to N845 per litre, up from N825 previously sold. This has pushed the pump price to between N900 and N955 per litre, depending on the area,” Ukadike explained.

He added that while the NNPCL primarily supplies its own retail outlets, supply from Dangote Refinery remains insufficient to meet marketers’ demand.

“Most of our members who paid for products at Dangote are yet to load for about two weeks. When products are scarce, prices naturally go up,” he said.
“Some marketers who paid for three million litres were only allocated one million litres, as supply is being rationed among marketers.”

Ukadike urged the government and key stakeholders to address the distribution bottlenecks to stabilise supply and prevent further price increases.