KEY POINTS
- Petrol prices in Abuja surged to between ₦905 and ₦945 per litre at major filling stations.
- The Independent Petroleum Marketers Association blames the hike on supply disruptions from the PENGASSAN strike.
- Marketers say prices could normalize soon as distribution from Dangote Refinery resumes.
Nigerians faced yet another hike in fuel prices on Monday as petrol costs soared above ₦900 per litre across filling stations in Abuja, deepening public frustration over rising living costs.
At several outlets operated by the Nigerian National Petroleum Company Limited (NNPCL) and private marketers including Empire Energy, AA Rano, and Shema, prices climbed to between ₦905 and ₦945 per litre, with Empire’s Gwarimpa station posting the highest rate. Other retailers, such as MRS, Emedeb, Raniol, and Eterna, sold fuel between ₦885 and ₦910, according to on-site checks conducted by Daily Post.
The fresh increase follows weeks of intermittent shortages in parts of Lagos and Abuja. Analysts and marketers say the disruptions stem from a recent strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) that briefly paralyzed supply chains and created panic buying in the downstream market.
Marketers Cite Supply Disruptions, Panic Buying
President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said the sudden price jump was primarily caused by supply gaps and speculative hoarding linked to the industrial dispute between Dangote Refinery and PENGASSAN.
“Our members who get supplies directly from Dangote Refinery are still dispensing at between ₦885 and ₦895 per litre,” Maigandi said. “The temporary scarcity was mostly triggered by panic buying, but prices should stabilize soon.”
IPMAN’s national spokesperson, Chinedu Ukadike, also confirmed that depot prices in Lagos had inched up to between ₦844 and ₦850 per litre, depending on the supplier. He cited figures of ₦844 at Dangote Refinery, ₦845 at Raniol and Aiteo, and ₦850 at NIPCO.
Ukadike added that while supply disruptions were short-lived, the ripple effect on retail prices was immediate, especially in landlocked areas like Abuja where transportation costs further inflate pump prices.
The price hike comes just days after Dangote Refinery and PENGASSAN reached a truce to end a two-day strike that had disrupted fuel loading. The industrial action began over allegations of unfair dismissal of Nigerian workers at the refinery, prompting government mediation.
The strike was suspended after the two parties agreed to resolve the dispute amicably. In a follow-up statement, Dangote Refinery commended President Bola Tinubu and labour leaders for their “swift intervention,” calling the resolution a sign of “commitment to national stability.”
But the controversy didn’t end there. During his address at the 31st Nigerian Economic Summit in Abuja, Vice President Kashim Shettima criticized the union’s strike, declaring that “Nigeria is bigger than PENGASSAN.” The comment drew a sharp response from the union’s president, Festus Osifo, who fired back that “Nigeria is also bigger than the Dangote Refinery and the presidency.”