The Independent Petroleum Marketers Association of Nigeria (IPMAN) has linked the latest instability in petrol prices to Nigeria’s deregulated fuel market.
Speaking on Tuesday in Abuja, IPMAN’s Public Relations Officer, Mr. Chinedu Ukadike, said prices now reflect real-time market dynamics. “In a deregulated environment, pump prices move with market forces,” Ukadike explained. “Costs like crude oil, forex rates, and supply logistics all influence what consumers eventually pay.”
He urged Nigerians to understand that the deregulated regime allows marketers to set prices based on their unique operating expenses.
NNPC, Private Stations Raise Prices Across Cities
On Monday, several retail outlets across Abuja and Lagos adjusted petrol prices upward. The Nigerian National Petroleum Company Limited (NNPCL) increased its pump price in Abuja from ₦895 to ₦945 per litre.
Meanwhile, independent stations such as AYM Shafa, AA Rano, and NIPCO were selling PMS at ₦955 per litre. Across other outlets, the pump price jumped between ₦45 and ₦60 per litre, depending on location and depot source.
Citizens Express Deep Concern Over Rising Costs
The price hike has hit consumers hard. A trader in Abuja, Adana Chris, expressed frustration. “They keep increasing fuel prices without considering the poor. Everything is more expensive now, but salaries remain the same,” she said.
Aminu Ibrahim, a commercial driver, said the price surge threatens his livelihood. “I buy fuel at a high cost but can’t earn enough to break even. My family depends on me, and things are getting worse,” he said.
Both citizens called on President Bola Tinubu to take urgent action and prevent the situation from spiraling further.
Volatility to Persist Without Reforms
Analysts warn that without forex stability and more affordable crude sourcing, Nigerians should expect further fuel price volatility. As deregulation deepens, transparent pricing and supply-side reforms will be essential to cushion citizens and businesses alike.
