Petrol marketers have expressed concern after Dangote Petroleum Refinery increased its ex-depot petrol price from N1,185 to N1,200 per litre on Wednesday, August 26, 2026. The N15 increase has pushed pump prices in some locations to between N1,250 and N1,300 per litre, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Dangote Refinery’s Second Price Hike in Seven Days
The latest adjustment came just five days after the refinery raised its price from N1,165 to N1,185 per litre. This marks the second increase within a week, compounding the difficulties faced by independent marketers across the country.
Chinedu Ukadike, IPMAN’s National Publicity Secretary, said the frequent price changes are making it difficult for marketers to plan their businesses. He attributed the volatility to international oil prices, government policies, and exchange rate movements.
“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. We are not refiners to be able to determine the price of petroleum products,” Ukadike stated.
Marketers Struggle to Structure Operations
Ukadike recalled that Dangote had previously reduced petrol prices when international market conditions improved. However, he said the frequent changes now make it nearly impossible for marketers to structure their operations effectively.
“With this situation now, we cannot, at this particular point in time, structure our business. It’s going to be too difficult for us to structure our business,” he noted.
He added that independent marketers would continue to operate despite the unstable market, but warned that petrol prices could remain unpredictable. “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.
IPMAN Warns of Inflationary Pressure
The IPMAN official said both marketers and consumers are bearing the brunt of the constant price changes. He warned that the volatility would continue to affect inflation in Nigeria.
“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.
Dealers under the Petroleum Products Retail Outlets Owners Association of Nigeria have also expressed concern about the unstable prices. According to the dealers, marketers can suffer losses when the price of refined products rises suddenly, while consumers face higher petrol prices and dealers struggle with increasing costs linked to fluctuations in global crude oil prices.
Aradel Holdings to Begin Petrol Production in 2027
Meanwhile, Legit.ng earlier reported that Aradel Holdings Plc plans to commence petrol production at its Ogbele modular refinery in Rivers State in 2027. The development comes as domestic refineries increasingly take a larger share of Nigeria’s petrol supply, while imports have fallen sharply compared with last year. The planned move would position Aradel alongside major and emerging domestic refiners competing to supply Nigeria’s huge petrol market.
