- Dangote Petroleum Refinery increased its petrol price from N1,185 to N1,200 per litre, pushing pump prices in some locations to between N1,250 and N1,300
- IPMAN said the frequent price changes, unstable crude oil prices and exchange rate movements are making it difficult for marketers to plan their businesses
- Marketers warned that the price volatility is hurting both businesses and consumers, while also putting more pressure on inflation in Nigeria
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Petrol marketers have raised concerns over the rising cost of petrol, after the latest price increase by Dangote Petroleum Refinery.
The price of petrol has climbed to between N1,250 and N1,300 per litre in some parts of the country, adding to the challenges facing oil marketers and consumers.
Source: UGC
Dangote Petroleum Refinery increased the price of petrol at its gantry from N1,185 to N1,200 per litre on Wednesday, August 26, 2026. The N15 increase came just five days after the refinery raised its price from N1,165 to N1,185 per litre.
The latest adjustment has caused concern among independent petroleum marketers, who say frequent changes are making it difficult to plan their businesses.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said marketers were dealing with uncertainty caused by 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,” he stated.
Marketers struggle to plan their businesses
Ukadike recalled that Dangote had previously reduced its petrol prices when international market conditions improved. However, he said the frequent price changes were making it difficult for marketers to properly plan their operations.
“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.
Ukadike said 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 added.
Marketers lament petrol price volatility in Nigerians
The IPMAN official said both marketers and consumers were bearing the effects of the constant price changes.
“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 of refined petroleum products.
According to the dealers, marketers can suffer losses when the price of refined products rises suddenly. While consumers face higher petrol prices, dealers are also struggling with increasing costs linked to fluctuations in global crude oil prices.
Source: Getty Images
Another Nigerian refinery begins petrol production
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.
Source: Legit.ng