Fuel Price Nears ₦1,000 Per Litre in Nigeria As Marketers and Retailers Trade Blame Amid Soaring Costs

Abuja, August 5, 2025 – The pump price of Premium Motor Spirit (PMS), commonly known as petrol, is rapidly approaching ₦1,000 per liter across several Nigerian states, sparking nationwide concern and finger-pointing between fuel marketers and independent retailers.

Motorists in Lagos, Abuja, and major cities now report prices between ₦920 and ₦980 per liter, while some rural outlets reportedly sell above ₦1,000.

Who’s to Blame?

• Marketers blame increased logistics costs, forex fluctuations, and government inaction.
• Retailers argue that marketers are hoarding or hiking ex-depot prices, forcing them to resell at unaffordable rates.
  

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied allegations of fuel hoarding, stating that many of its members are unable to get product at government-approved rates.

We are not hoarding. The truth is we’re buying at a high price from the depots. We can’t sell at a loss," said an IPMAN executive.

💬 Public Reaction

Nigerians are expressing anger over the escalating cost of living:

“We can’t cope anymore. Everything is up — food, transport, school fees — and now fuel?” — A commuter in Abuja

Public transport fares have surged by over 40% in some areas, adding pressure to already strained household incomes.

🏛️ Government Response

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has promised investigations into the pricing discrepancies, while the Ministry of Petroleum continues to advocate for full deregulation of the downstream sector.

However, no immediate relief appears in sight.