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Retail outlets belonging to the Nigerian National Petroleum Company Limited (NNPCL) and MRS were shut on Monday as several filling stations across the country increased petrol pump prices for the second time within a week.

ZINGTIE observed that NNPCL and MRS filling stations in several parts of Abuja had run out of petrol as of Monday night.

The development comes as ZINGTIE gathered that Ranoil, Empire and other fuel marketers in the Federal Capital Territory raised their pump prices by between N55 and N60, bringing the cost of a litre of petrol to between N1,275 and N1,280 by the close of business on Monday.

The latest adjustment means that major filling stations have increased petrol prices by at least N100 per litre in less than one week.

ZINGTIE also learnt that depot operators increased their ex-depot prices to between N1,249 and N1,270 per litre as of Monday night.

The latest rise in petrol prices comes only days after Dangote Refinery resumed the sale of refined petroleum products in United States dollars.

The 700,000-barrel-per-day refinery fixed its gantry prices at $0.779 per litre for petrol, $1.087 per litre for diesel and $0.942 per litre for aviation fuel.

Although the refinery maintained that its gantry prices had not changed, some petroleum marketers alleged that product loading at the facility had been suspended.

Two managers at MRS filling stations in Abuja, who spoke to ZINGTIE on condition of anonymity, disclosed that their outlets had not received petrol supplies since Thursday last week.

Fuel attendants at several NNPCL retail outlets also confirmed that their stations exhausted available stock on Monday afternoon.

The situation has further heightened uncertainty within Nigeria’s downstream petroleum sector in recent days.

Earlier, petroleum marketers had blamed the increasing cost of imported fuel on rising shipping expenses and higher global crude oil prices.

As of Monday night, West Texas Intermediate (WTI) crude traded above $82 per barrel, while Brent crude climbed beyond $87 per barrel.

PETROAN, IPMAN react

Reacting to the latest development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, attributed the volatility in petrol prices to uncertainty surrounding international crude oil prices and Dangote Refinery’s decision to resume refined product sales in dollars.

Gillis-Harry argued that the Federal Government should no longer remain passive over the current petrol pricing situation.

He urged the government to take urgent action to cushion Nigerians from the effects of the latest increase in fuel prices.

“The Federal Government’s intervention is key. The Federal Government should step in over Dangote Refinery’s resumption of refined products sales in dollars.

“Most of our members are unable to load products in dollars. We don’t want the downstream sector to be dollarised,” he told ZINGTIE.

Ukadike called on the Federal Government to immediately reopen discussions with Dangote Refinery on selling refined petroleum products in naira by reviving the Naira-for-Crude arrangement.

“We support the reactivation of the Naira-for-Crude deal with Dangote Refinery. We want to sell cheaper petroleum products to Nigerians.

“Some of our members’ stations are closed because we could not obtain products in naira. The Federal Government should resume talks with Dangote Refinery before the situation gets out of hand,” he told ZINGTIE.

Why Dangote Refinery resumed refined products sales in dollars

ZINGTIE reports that although Dangote Refinery has yet to officially explain its decision to stop selling refined petroleum products in naira, industry insiders linked the move to challenges surrounding the implementation of the Naira-for-Crude policy.

Officials of the refinery, who requested anonymity, disclosed that the facility currently receives only four million barrels of crude oil monthly from NNPCL instead of the 13 million barrels provided under the Naira-for-Crude agreement.

NNPCL reacts

Responding to the claims, NNPCL spokesperson Andy Odey stated on Monday that the national oil company had fulfilled its obligations regarding naira crude allocations.

“allocated 100 per cent of all available naira crude cargoes to DPRP in 2026 — there has been no withholding on our part.”

Presidency remains silent

ZINGTIE reports that President Bola Ahmed Tinubu’s administration has yet to issue any official response as Nigerians continue to grapple with the latest increase in petrol prices.

It will be recalled that President Tinubu, who also serves as the substantive Minister of Petroleum Resources, introduced the Naira-for-Crude initiative in 2024 to reduce the impact of fluctuations in global energy prices on Nigerians.

The most recent engagement between the Federal Government and stakeholders in the downstream petroleum sector took place during the first week of July, with discussions centred on the implementation of cost-reflective petrol pricing.

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