Oil Marketers Adjust Petrol Pump Prices to Sell at New Costs, Set Date to End Scarcity

Oil marketers in Nigeria have adjusted petrol pump prices due to a scarcity of the product, with some stations selling at N750 per litre, up from N630. The scarcity, now in its second week, has been attributed to increased freighting costs and logistical challenges.

Motorists are reportedly paying as much as N620 per litre on average. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the scarcity may persist for at least two more weeks due to import bottlenecks and slow license renewals by the Nigerian Midstream Downstream Petroleum Regulatory Authority.

Some motorists have resorted to buying from black market sellers at N900 per litre. IPMAN has also criticized the Nigerian National Petroleum Company Limited for not supplying adequate petrol.

Despite this, IPMAN expects the situation to improve in the coming weeks.