₦airaland Forum

By Obas Esiedesa, Abuja


Nigerians are now battling with disproportionate increases in petrol prices at the petrol stations as marketers push retail prices far above rate of increase in crude oil prices.

On Tuesday all petrol stations jerked their pump prices from average N750 per liter to N850 per liter blaming the increase on a similar increase in crude oil prices in the international market which rose from average $64 per barrel to $68 on Monday.

But while the crude oil price increased by 6.2 percent, the local retail price increased by 14.3 percent, indicating that the local oil companies more than doubled the rate of increases in their main input cost, crude oil. The rise in crude prices led to a 14.3 per cent increase in the gantry price of petrol at the Dangote Refinery, which rose from N699 per litre to N799 per litre.

Following the adjustment, petrol retail outlets in Abuja and Lagos as well as other parts of the country, also raised their pump prices.

NNPC Retail outlets increased the price to N835 per litre from N815, while other marketers implemented steeper hikes. AYM Sharfa, for instance, raised its pump price from N815 per litre to N900.

Speaking to Vanguard on the pump price increases, the National Public Relations Officer, Independent Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, blamed the hike on the rise in crude oil price.

He said: “Crude oil price has increased. The refiners have also increased their price. Once your buying source increases, you will increase. Dangote has increased by over 110 Naira”.

On why the marketers raised their pump prices while still having old stock, he said: “When did the crude oil price go up? It is not the first day that it went up. So, that is the nature of the business. Even if we sell our old stock, we can’t buy a new one at the old price. The margin is high. The buying rate and margin is high.

“The marketers have to find a way to see how they can be able to continue to be in business”.

dre11:
*Crude oil price rose 6.2%, Nigerian oil firms increase price by 14.3%




https://www.vanguardngr.com/2026/01/fuel-price-increases-how-oil-companies-exploited-nigerians-2/

Nlfpmod

dre11:
*Crude oil price rose 6.2%, Nigerian oil firms increase price by 14.3%



https://www.vanguardngr.com/2026/01/fuel-price-increases-how-oil-companies-exploited-nigerians-2/

Babawee:
WE HAVE A LONG WAY TO GO...

WHEN THE PRICE FELL LAST YEAR DECEMBER, IT TOOK THE UP TO A WEEK TO ADJUST THE PRICE TO LOWER PRICE, BUT ITS FASTER TO EFFECT TO HIGHER PRICE TO THERE GAINS...

WE WILL GET IT RIGHT ONE DAY

udemzyudex:
They exploit Nigerians because the Nigerian government allows it.

We have more than 3 refineries and none is working.

saintopus:
It has always been like this, oil marketers ripping the public always.

If they hear rumours of possible increase in crude oil prices they will start increasing their cost to customers in Nigeria 🇳🇬

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

89green:
Story story, it's the Govt's job to monitor them properly, so we should be asking the Govt agencies in charge

bestman09:
Crude oil price is just an excuse.
I want to believe that Dangote is still trying to monopolize the market.

As soon as importers bring their petrol, Dangote will crash prices and force them to sell at a loss and when he notice that their stock is finished, he will raise the price to recoup profits.

The only motive is run them out of business for selfish purpose!

Princecalm:
Jul 29, 2015

The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.

The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.

The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.

Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.

It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”

The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.

It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.

The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”

The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.

It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.

http://www.punchng.com/news/pharcourt-warri-refineries-commence-preliminary-operations-nnpc/

saintopus:
Dec 06, 2024
The PH Refinery ships its first export of petroleum products to Dubai.
The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.

The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.

Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.

The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.

The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.

Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.

https://guardian.ng/energy/nnpc-begins-export-from-ph-refinery-as-dubai-firm-buys-first-cargo/

dre11:
*Crude oil price rose 6.2%, Nigerian oil firms increase price by 14.3%



https://www.vanguardngr.com/2026/01/fuel-price-increases-how-oil-companies-exploited-nigerians-2/

saintopus:
It has always been like this, oil marketers ripping the public always. If they hear rumours of possible increase in crude oil prices they will start increasing their cost to customers in Nigeria 🇳🇬