On Monday, many NNPCL and MRS retail stations across Abuja halted operations as independent marketers pushed petrol prices higher for the second time in a single week. Local reports indicate that various outlets, including Ranoil and Empire, raised pump prices by up to N60, bringing costs to between N1,275 and N1,280 per litre. This marks a cumulative increase of at least N100 per litre within just seven days.
This volatility follows the Dangote Refinery’s shift to selling refined products in dollars. While the refinery set its gantry prices at $0.779 per litre for petrol, many local marketers report difficulties in accessing products, leading to widespread shortages. Industry representatives, including Billy Gillis-Harry of PETROAN and Chinedu Ukadike of IPMAN, have urged the Federal Government to intervene. They advocate for reviving the Naira-for-Crude agreement to prevent the total dollarization of the domestic fuel market.
Internal sources suggest the supply issues stem from disputes over crude allocation volumes. While Dangote Refinery officials claim they receive far less than the agreed 13 million barrels of crude monthly, NNPCL spokesperson Andy Odey maintains that all available naira-denominated crude has been allocated as promised. As of Monday, global crude benchmarks remained high, with WTI above $82 and Brent topping $87 per barrel, leaving consumers to bear the brunt of the instability while the government remains largely silent on the matter.
