By Fatima Mukhtar | AbC News
The cost of Premium Motor Spirit (PMS), popularly known as petrol, is edging close to ₦1,000 per litre across major Nigerian cities, sparking outrage among consumers and renewed blame-trading between petroleum marketers and depot operators.
According to reports from Daily Post and Legit.ng, several independent marketers claim that depot owners have increased ex-depot prices far above approved levels, forcing retail stations to sell at higher rates. The marketers argued that despite stable supply from the Nigerian National Petroleum Company Limited (NNPCL), depot owners have been hoarding products and arbitrarily raising prices.
“We are not the problem. Depot owners keep adjusting their prices daily. The cost at the depot now makes it impossible to sell below ₦950 per litre,” one marketer told Daily Post on Tuesday.
Meanwhile, depot owners have pushed back, insisting that the price increases are due to rising transportation costs, logistics challenges, and limited supply from refineries.
The situation worsened after Dangote Refinery reportedly suspended direct sales to unregistered marketers, forcing many smaller players to buy through middlemen at inflated prices.
Industry observers warn that if the trend continues, pump prices could surpass ₦1,000 per litre nationwide before the end of October, especially in Northern states where transport costs are higher.
The NNPCL, however, has urged marketers to refrain from panic buying or hoarding, assuring Nigerians that adequate supplies are available and that efforts are ongoing to stabilize prices.
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