Market Shock and Supply Crunch
Nigeria’s petrol market was thrown into disarray this week as prices surged to nearly ₦1,000 per litre following a sudden halt in supply from the Dangote Refinery.
Field reports from Lagos, Ogun, Abuja, Edo, and Rivers States show pump prices ranging between ₦900 and ₦955, with NNPC retail outlets in Gwarinpa and Lugbe selling at ₦955 per litreI
The surge reversed expectations that prices would drop to ₦841 under the refinery’s September logistics-free pricing scheme.
Depot Hikes and Panic Buying
The Independent Petroleum Marketers Association of Nigeria (IPMAN) accused depot operators of exploiting the refinery’s downtime.
“Depots hiked their prices from ₦830 to ₦890 the moment Dangote stopped loading,” said IPMAN President Abubakar ShettimaI
As a result, major depots such as Matrix, RainOil, and Liquid Bulk now sell at ₦900/L, forcing filling stations to raise pump prices nationwide.
NNPC spokesperson Andy Odeh defended the move, explaining that “when ex-depot prices go up, retail prices must reflect the change.”
Dangote’s Silence and Market Reaction
Sources inside the refinery disclosed that the halt might be due to maintenance operations and fallout from a mass sacking of engineers, which disrupted internal workflow and supply lines.
The refinery has yet to issue an official statement, fueling uncertainty in the market.
Meanwhile, long queues have reappeared at filling stations, with transport fares climbing 25–30% across major routes in Lagos and Abuja.
Economists warn that sustained shortages could trigger an inflation rebound above 20%.
📊 Impact Snapshot
- Price Level: ₦900–₦1,000 per litre (highest since subsidy removal).
- Inflation Risk: +2.5% projected rise by end of October.
- Sector Ripple: Transport costs up 30%, food prices under pressure.
Industry Voices and Outlook
IPMAN Publicity Secretary Chinedu Ukadike said the situation remains temporary, linking it to internal reorganisation and NUPENG’s industrial dispute.
“This is a market reflection, not a forex issue. Supply tension is the problem,” he saidIDNN 15.10.25.
The Federal Government has yet to announce an intervention plan, but analysts predict a brief supply recovery once Dangote resumes full loading capacity.
This is IDNN. Independent. Digital. Uncompromising.
