The price of petrol is climbing again—and marketers say filling stations are not driving the increase.
Pump prices have risen to between N1,310 and N1,345 per litre, up from roughly N1,210 to N1,275 less than two weeks earlier.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have attributed the latest increase mainly to higher international oil prices, geopolitical tensions and the cost at which retailers obtain petrol from suppliers.
Global Oil Market Under Pressure
IPMAN National President Abubakar Maigandi identified the conflict between the United States and Iran as one of the factors contributing to the latest price movement.
He said developments in the international oil market can feed into petrol prices in Nigeria, meaning pump prices may rise or fall as global crude prices change.
According to Maigandi, the conflict has increased uncertainty in the global oil market, contributing to pressure on petroleum prices.
The basic chain is straightforward: when the cost of petroleum products rises upstream, retailers eventually feel it at the pump.
Marketers Reject Blame
PETROAN National President Billy Gillis-Harry pushed back against suggestions that filling-station operators were responsible for the latest increase.
His argument is simple: retailers sell according to what they pay suppliers.
A station cannot sustainably purchase petrol at a higher price and then sell it below cost.
Retailers must also cover expenses including:
- Transportation
- Financing
- Logistics
- Staff and other services
- General operating costs
Gillis-Harry said retailers therefore apply only a limited margin to their purchase price in order to keep their businesses running.
Suppliers, Not Retailers, Set the Pressure Point
According to the PETROAN president, the latest jump is primarily linked to the price at which suppliers make petrol available to retailers.
Filling stations, he maintained, are passing that prevailing cost on to consumers rather than arbitrarily setting higher prices.
That distinction matters because the retail price motorists see at the pump reflects more than the retailer’s profit margin.
If acquisition costs rise, the pressure eventually reaches the consumer.
What Happens Next?
For motorists, the immediate concern is whether prices will continue climbing or retreat.
That will depend partly on the direction of international oil prices and the cost of petroleum products supplied into Nigeria.
For now, however, both IPMAN and PETROAN are making the same central argument: the latest increase is being driven by higher supply costs and global market pressures, not simply by filling stations choosing to charge more.