Fuel Hits ₦955/Litre As Depot Wars, Dollar Crunch And Dangote Pricing Trigger Nationwide Hike

Fuel has hit ₦955/litre as depot wars, dollar crunch and Dangote pricing triggered a nationwide hike.

NaijaOnPoint Nigeria reports a fresh wave of public frustration as petrol pump prices across Nigeria surge toward the ₦1,000 mark, driven by conflicting pricing mechanisms, forex volatility, and escalating depot costs.

On Monday, several Nigerian National Petroleum Company Limited (NNPCL) retail outlets adjusted their pump prices, with stations in Abuja, Nasarawa, and Kogi states now dispensing petrol at ₦955 per litre up from ₦890 just days earlier.

This sharp ₦65 spike follows weekend price adjustments by major private marketers including Ranoil, AA Rano, Shema, Empire Energy, and Optima, with pump prices in the capital now ranging between ₦950 and ₦971 per litre.

Ironically, the spike coincides with falling global crude oil benchmarks: Brent and West Texas Intermediate dropped to $68.70 and $66.24 per barrel respectively, highlighting the disconnect between international oil trends and domestic pump realities.

IPMAN Blames Dollar Rate, PETROAN Points at Dangote Refinery

 

The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have clashed over the reasons for the current surge.

IPMAN’s spokesperson, Chinedu Ukadike, linked the hike to the depreciating naira and recent price adjustments at petrol depots and the Dangote Refinery.

“Fuel prices went up due to forces of demand and supply,” Ukadike explained. “Depot owners are grappling with the dollar cost. Dangote Refinery and others like NIPCO, Aiteo, and Ranoil have all raised their ex-depot prices — Dangote now sells at ₦858 per litre, NIPCO ₦870, Aiteo ₦855, and Ranoil ₦865.”

However, PETROAN’s National President, Billy Gillis-Harry, slammed Dangote’s pricing mechanism as the root of the crisis.

“We should be looking at proper fuel pricing because what the Dangote Refinery is doing is not proper pricing,” he told DAILY POST.

Nigerians Caught in the Middle

 

With no clear resolution in sight, Nigerians continue to bear the brunt of the unending fuel price hike, which is already affecting transport costs, food prices, and the general cost of living.

As depot operators, marketers, and refineries point fingers, consumers are left wondering how long they can afford the rising burden at the pump and how soon the ₦1,000-per-litre threshold will officially be breached.