Dangote Refinery Raises Depot Price, Fuel Hits N1,000/Litre in South-East
Petrol prices have surged to as high as N1,000 per litre in parts of Nigeria’s South-East following an increase in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery & Petrochemicals.
The Chairman of the Independent Petroleum Marketers of Nigeria (IPMAN), Enugu Zone, Mr. Chinedu Anyaso, said the rise in pump price was triggered by an increase at the supply source rather than actions by marketers.
Speaking with the News Agency of Nigeria (NAN) on Wednesday, Anyaso, whose zone covers Anambra, Ebonyi and Enugu states, explained that Dangote Refinery raised its depot price by about N110 per litre, which directly affected retail prices.
“The price of PMS has increased and this is because Dangote, which is our major supplier, added about N110 to every litre,” he said.
“So, the hike is not artificial, it is not arbitrary, it is a direct reflection of the reality we are facing.”
According to him, the situation may worsen if the ongoing conflict in the Middle East persists, warning that instability in the region could disrupt crude oil production and drive global prices higher.
“Prices of petroleum products will definitely go higher if the war in the Gulf continues because it will have negative impact on production and price of crude,” he added.
Petrol Now Selling Between N950 and N1,000
Findings by NAN showed that petrol currently sells between N950 and N1,000 per litre in Anambra, Ebonyi and Enugu states. This represents a sharp increase from the N840–N850 per litre price recorded in the last week of February.
Major fuel retailers across the country had already adjusted their pump prices earlier in the week to between N930 and N970 per litre following the refinery’s N100 upward review in its ex-depot price.
In Abakaliki, Ebonyi State, filling stations including NNPC Retail outlets and Rainoil increased their pump price from N870 to N970 per litre.
A pump attendant at one of the stations, who spoke on condition of anonymity, said the new pricing reportedly caused a temporary pause in petrol loading operations.
Queues Begin to Appear
In Awka, the Anambra State capital, queues have begun forming at some filling stations, indicating growing pressure on supply.
Similarly, investigations in Enugu State showed that petrol prices jumped from between N780 and N820 per litre to N950 and N980 per litre across the state capital.
In semi-urban areas such as Obollo Afor, Orba and Enugu Ezike in Udenu and Igboeze North Local Government Areas, petrol is reportedly selling for as high as N1,000 per litre, depending on the marketer.
Residents Express Concern
Residents, traders and motorists have expressed concern over the continuous rise in fuel prices, warning that it could worsen economic hardship.
A food trader, Mr. John Okoh, lamented the situation and called for government intervention.
“Though the hike has not affected food items yet, it is too bad the way citizens wake up to increases in petroleum product prices, forgetting that it is the lifeline of the nation’s economy,” he said.
A civil servant, Mrs. Eunice Nwankwo, described the development as troubling, saying the petroleum sector had continued to impose hardship on Nigerians.
“I don’t think there has been any increase in transportation yet. I paid the same amount I usually pay from where I live,” she said.
Transporters Yet to Adjust Fares
Transport operators said they were still assessing the situation before deciding whether to raise fares.
Commercial driver Mr. Chinedu Odo noted that many drivers only discovered the price increase while buying fuel.
“The N950 petrol price just started today; I noticed it when I went to the filling station,” he said.
“After today’s work we will know what’s next. If the increase continues, surely we will increase transport fares.”
A tricycle operator, Mr. Innocent Eze, said many riders had not yet felt the full impact of the new fuel price.
“Some of us buy fuel after work; by the close of work today, we will know the situation. By tomorrow there will likely be a slight adjustment in transport fares,” he said.
Marketers Blame Global Oil Market
An independent marketer, Mr. Emeka Ugwuagbo, also blamed global developments for the increase.
He pointed to the recent announcement by Dangote Group adjusting the depot price of petrol from N774 to N884 per litre.
“What do you want to hear from me; didn’t you hear the announcement by Dangote? It is not our fault,” he said.
“Everybody knows what is happening in Iran, which has affected oil prices globally. Nigeria is not an exception.”
