The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent surge in fuel prices to the full deregulation of the petroleum sector.
In an interview on Channels Television’s breakfast program Sunrise Daily, IPMAN President, Abubakar Garima explained that the increase is a direct result of removing the fuel subsidy, marking the beginning of full deregulation in Nigeria’s oil sector.
“Well, we know now that we cannot call it an increase but rather we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully,” he remarked.
Naijaonpoint reports that retail stations operated by the Nigerian National Petroleum Company Limited (NNPCL) raised prices for premium motor spirit, commonly known as petrol, in key cities.
In Lagos, the price per litre rose from ₦855 to ₦998, while in Abuja, it increased from ₦897 to ₦1,030.
This development follows President Bola Tinubu’s announcement ending the subsidy program, which he officially declared “gone” in May 2023 during his inauguration.
At that time, fuel prices averaged around ₦200 per litre nationwide. Since then, however, the price has steadily climbed, in part due to policy changes and the naira’s devaluation, which have raised the cost of essential goods and services, affecting millions across the country.
Beyond pricing concerns, Nigeria has also faced fuel shortages, with long queues commonly seen at filling stations across the country.
However, Garima assured that with deregulation now fully implemented, fuel availability should soon improve.
“The change that Nigerians are going to expect now: one, we are expecting availability since there is no subsidy.
“The NNPC is not the sole importer. Other marketers too will participate. It is the same thing in buying the product. Other marketers will buy products directly from Dangote [Refinery]. It is not only NNPC,” Garima said.
According to IPMAN, this shift should alleviate scarcity issues by allowing multiple players in the sector to bring fuel to market, ultimately stabilizing supply across Nigeria.