Marketers Blame Depots as Petrol Price Nears ₦1,000/Litre Nationwide
By Damilola Aina, Dare Olawin, Animasahun Salman, Gabriel Oshokha, Adeyinka Adedipe, Chima Azubuike & Dennis Naku
October 15, 2025
Petrol prices across Nigeria have surged to nearly ₦1,000 per litre as marketers struggle with supply disruptions, production challenges at the Dangote Petroleum Refinery, and rising depot costs.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have confirmed that fresh independent importation of petrol may soon begin to ease the pressure.
According to IPMAN National Publicity Secretary, Chinedu Ukadike, several depot owners plan to import petrol independently in order to create competition and reduce prices.
“Petrol prices will soon come down because some marketers are applying to import their own products. Once there’s competition, prices will drop,” Ukadike told The PUNCH.
Prices Surge Nationwide
Petrol now sells between ₦920 and ₦955 per litre in most cities, while some filling stations in Abuja, Lagos, and Sokoto charge as high as ₦1,000 per litre.
In contrast, the Dangote Refinery’s logistics-free distribution plan, announced in mid-September, was supposed to lower prices to ₦841 in the South-West and ₦851 in Abuja and parts of the South-South. However, those reductions never reached consumers.
Checks across several states revealed:
- NNPC outlets in Abuja sold at ₦955 per litre.
- In Lagos, NNPC sold at ₦928, while independent stations sold for up to ₦950.
- In Edo, Rivers, and Gombe, petrol sold between ₦900 and ₦1,000.
- Sokoto residents reported prices as high as ₦1,050 per litre at independent stations.
Depot Owners Blamed for Price Hike
IPMAN President, Abubakar Shettima, accused depot operators of exploiting Dangote’s temporary suspension of petrol loading to hike prices.
“Depot owners raised prices when they realised Dangote wasn’t loading. Once Dangote resumes sales, prices will come down,” Shettima explained.
As of Tuesday, Petroleumprice.com listed depot prices as follows:
- Matrix, Fynefield, Liquid Bulk — ₦900
- Northwest — ₦895
- Pinnacle — ₦885
- RainOil — ₦890
- NIPCO — ₦850
- Aiteo — ₦878
- Sigmund — ₦890
The NNPC confirmed the retail adjustments, citing increased ex-depot prices as the reason for the surge.
“When depot prices go up, retail stations have to adjust accordingly,” said NNPC spokesperson, Andy Odeh.
Dangote Refinery’s Production Glitch
Industry insiders revealed that Dangote Refinery temporarily stopped supplying marketers due to internal reorganisation, crude supply shortages, and the recent layoff of about 800 workers.
According to Jeremiah Olatide, CEO of PetroleumPrice.ng, the refinery had since restricted gantry loading to its own trucks and those of MRS Oil, leading to scarcity across private depots.
“They’ve suspended gantry sales since last Thursday, allowing only MRS and Dangote’s trucks to lift. Private depots have stopped sales and may increase prices again,” Olatide said.
He warned that the situation mirrors the earlier gas supply crisis, stressing that limited refinery output is already distorting the downstream market.
Nigerians Lament Soaring Fuel Costs
In Sokoto, motorists described the situation as “unbearable,” with some stations selling at over ₦1,000 per litre amid long queues.
“Even though I don’t have money, I had to borrow from my wife just to buy fuel,” one motorist said while waiting at an AA Rano station.
The persistent fuel price escalation is expected to worsen transportation costs, food inflation, and manufacturing expenses, further straining the economy.
As Nigerians await stable fuel supply, hopes rest on the Dangote Refinery’s resumption of full operations and possible private imports to restore balance in the downstream market.
