N1,500/litre petrol better than scarcity – Marketers tell Nigerians
N1,500/litre petrol better than scarcity – Marketers tell Nigerians
Oil marketers have cautioned Nigerians that petrol prices could climb to about N1,500 per litre, stressing that steady fuel supply should be prioritised over fears of higher pump prices.
Industry operators said the current global oil market volatility, driven by escalating tensions in the Middle East, is pushing fuel costs upward and could further affect domestic petrol prices in Nigeria.
According to marketers, ensuring that fuel remains available nationwide is more critical for the economy than maintaining artificially low prices that could trigger shortages.
A senior industry source explained that the presence of the Dangote Petroleum Refinery has helped maintain a consistent fuel supply despite the rising cost of petrol.
“The refinery is currently the most reliable source of product in the country,” the marketer said.
“At a time when international prices are unstable, availability becomes more important than the exact pump price.”
He noted that recent projections of petrol selling above N1,000 per litre had already materialised, with depot prices climbing to around N1,175 per litre.
However, additional expenses such as transportation, distribution margins, and other logistics charges could push the final retail price significantly higher.
“When those extra costs are added, the pump price will inevitably rise,” the marketer added. “That is why a ₦1,500 per litre scenario should not surprise anyone.”
He argued that the alternative, widespread petrol scarcity, would be far more damaging to businesses and daily life.
“Energy security matters more than temporary price comfort,” he said.
“People must be able to access fuel to run businesses, transport goods, and keep economic activities moving.”
Market watchers say the warning comes as geopolitical tensions involving Israel, the United States, and Iran continue to disrupt global oil markets.
Rising crude prices in response to the crisis have already triggered concerns about higher fuel costs worldwide, including in import-dependent economies such as Nigeria.
Energy analysts believe Nigeria may continue to experience upward pressure on petrol prices until global supply conditions stabilise.
