Independent petroleum marketers in several northern states, including Niger, Benue, Kano, and Plateau, have raised the pump price of Premium Motor Spirit (petrol), citing the high cost of diesel used in transporting petrol from the South to the North as the main reason for the price hike.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed this price increase, revealing that the ex-depot price of petrol at private tank farms has surged to between N610/litre and N615/litre. Consequently, independent marketers have adjusted their prices at filling stations to between N630/litre and N680/litre, depending on the location.
Ex-depot price is the cost at which marketers purchase products at the depot, influencing the selling price to consumers.
About two weeks ago, the cost of petrol at filling stations operated by independent marketers in the North ranged from N617/litre to N625/litre, but it has since increased to between N640/litre and N680/litre.
Chief Ukadike Chinedu, the spokesman for IPMAN, explained, “You know that because we are importing PMS, the products come in through the coastal areas. So trucks travel several kilometers to come and get products from these coastal areas and distribute them to the far North and other distant regions.”
He further pointed to logistical challenges, including the forex rate and the high price of diesel (approximately N1,200/litre) used to move trucks that transport products. Additionally, bad roads result in trucks spending extended periods on the road while delivering products to retail outlets.
Mohammed Shuaibu, the Secretary of IPMAN, Abuja-Suleja, emphasized that the high cost of running the business is affecting petrol prices. He called on the government to intensify efforts to make refineries operational, stating, “The price of petrol will continue to fluctuate as long as we use forex to import it.”
In Niger State, most fuel stations have raised their pump prices, with a uniform price of N650. Similarly, Makurdi, the Benue State capital, has seen prices rise to between N655 and N660 per liter.
In Plateau State, petrol prices have surged to N670 per liter, while Sokoto State has witnessed prices ranging from N615 to N690 per liter at different filling stations. As a result, some residents have expressed concerns about the impact of these price increases on the cost of essential goods and transportation.
