Petrol Prices Surge to N1,300/Litre Amid Market Volatility

Petrol marketers in Nigeria are expressing concern over the rising cost of Premium Motor Spirit (petrol), which has reached between N1,250 and N1,300 per litre in some areas. This increase follows a price adjustment by Dangote Petroleum Refinery, which raised its gantry price of PMS by N15 per litre from N1,185 to N1,200, effective August 26, 2026.

This adjustment occurred shortly after another increase from N1,165 to N1,185 per litre. Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, stated that the current situation makes it difficult for marketers to plan their businesses due to volatility in the international oil market, government policies, and exchange rate fluctuations.

Despite recent declines in international crude oil prices, Ukadike noted that the ongoing tensions between Iran and the United States could further impact pricing irregularities in Nigeria. He emphasized that independent marketers are affected by these fluctuations and cannot control the pricing of petroleum products.