Business
Marketers Predict Six-month Fuel Scarcity, Prices Rise
Published
3 years agoon
By
Editor
The supply hitches associated with the distribution of Premium Motor Spirit, popularly called petrol, may persist till June this year, oil marketers stated on Wednesday.
Nigeria’s downstream oil sector has been grappling with cases of incessant petrol scarcity since last year.
The sole importer of the commodity – Nigerian National Petroleum Company Limited, has repeatedly complained of the enormous burden of shouldering fuel subsidy for the country.
On Monday, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said NNPC was selling petrol at a loss because of its mandate from the Federal Government as regards fuel subsidy.
“If you are a businessman, look at it from this perspective, that you are now in the business where you are mandated to sell at a loss to the public. That is not an easy job, I must tell you,” the minister stated.
Last week, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government had budgeted about N3.6tn for fuel subsidy till June 2023.
Reacting to the development, oil marketers stated on Wednesday that the fuel supply crisis in many parts of the country that often leads to fuel scarcity, might persist till June, based on the government’s plan to end petrol subsidy in that month.
READ ALSO: FG Disburses N173bn For Uniform Fuel Price Nationwide
The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, told our correspondent that fuel imports and subsidy were making Nigerians suffer.
He said, “This issue of subsidy and the importation of petroleum products are the major reasons why we are suffering like this and having epileptic supply of PMS. This may drag till the current administration leaves in May or till June this year.
“The exchange rate is affecting fuel imports, which is also why the cost of petroleum products are high. We use too much naira to chase the few dollars that are available. So the solution is for us to refine our crude here and get our depots working.”
He added, “Also, we should note that most times when an administration is leaving, there is usually scarcity of products. It happened during the time of former President Goodluck Jonathan.
“This is because suppliers will be very weary of selling petroleum products so that their debts will not be carried over to the next administration. Successive governments have suffered this epileptic distribution of petroleum products during transition to a new government.
“The government is winding up, and if you are a supplier you have to be careful in terms of supplying petroleum products. Remember that when Jonathan was there, marketers who were supplying products stopped and went on strike, demanding that they must be paid their arrears.”
The President, Petroleum Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, also stated that the availability of petrol for marketers to distribute had remained an issue of concern.
READ ALSO: Fuel Scarcity: Students, Group Back DSS’ Ultimatum, Blasts Falana
“Let there be products to sell. That is what we are yearning for. Once that problem is sorted, then others shall be addressed too,” he stated.
Commenting on the issue, a former President, Association of National Accountants of Nigeria, Dr. Sam Nzekwe, told our correspondent that the crisis in the downstream oil sector would be best addressed when Nigeria’s refineries become functional.
IPMAN complains
The Chairman, IPMAN Satellite depot, Akin Akinrinade, told The PUNCH that its members were yet to take delivery of any product from the state oil firm.
He said, “We have yet to see anything. They promised us something in December, but now they said January. All they’ve done is ask us to submit names and change from the old system-NNPC Express to NNPC Retail. Other than that, we are yet to receive any product.
“But I can assure you that this scarcity will continue well after June if NNPCL does not supply us products directly and at regulated price.”
Akinrinade also said the price of fuel had hit between N222/N225 at private depots as of last Friday.
National Operations Controller, IPMAN, Mike Osatuyi, also told The PUNCH that his members were yet to get any product from the NNPCL.
“We are still waiting. We will wait until the middle of this month before we react. But as of last week, our members buy fuel above N200 per litre. But information reaching me is that as of today, the price has increased to N230 per litre, without transportation and other expenses”, he said.
In December, Osatuyi had told The PUNCH that his members were holding strategic meetings with the new NNPCL Retail Managing Director, Hubb Stockman, who promised to supply them products directly at government regulated price of N148/litre starting from this month.
However, members of the association, according to Osatuyi and Akinrinnade, were yet to receive any products despite having compiled necessary lists, and switching from the old NNPCL Express platform, to the NNPCL Retail as directed by Stockman.
The PUNCH reached out to the Executive Secretary of the Major Oil Marketers Association of Nigeria, Clement Isong, on why some of its members did not have products.
He had yet to respond as of the time of filing this report.
However, a top member of the MOMAN who claimed anonymity told The PUNCH, that although the scarcity had eased, some of its stations currently do not have supplies.
“The scarcity has eased and things have gone back to normal. No queues and our stations sell at normal regulated prices. However, some of our stations who don’t have supplies will be supplied”, he told The PUNCH.
The spokesperson for the Depots and Petroleum Products Marketers Association of Nigeria, Adewole Olufemi, said the depots were in need of more fuel supplies from the NNPCL.
READ ALSO: ‘Why Fuel Scarcity, Long Queues Persist In Nigeria’
“Until and unless the queues are completely eliminated, we’ll require more volume than usual, DAPPMAN cannot be satisfied. We’re working with the sole supplier, NNPC Ltd and the regulator to ensure PMS is available nationwide”, he said regarding the scarcity.
On skyrocketing ex-depot’s prices, Adewole said just like the NNPCL, depot owners were also on a recover-all-cost regime.
“Costs incurred by marketers, vessel chartering, trucking and approved margins will be recovered just as NNPC Ltd does to recover its cost inputs”, he added.
The spokesperson for NNPCL, Garba Deen, could not be reached on his official line for his comment.
PUNCH
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Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
1 week agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
Published
2 weeks agoon
August 11, 2025By
Editor
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
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