The sharp increase in fuel prices across Nigeria has been attributed to market deregulation, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
Speaking in Abuja on Tuesday, IPMAN’s Public Relations Officer, Mr Chinedu Ukadike, explained that the fluctuating prices are a result of supply dynamics within a deregulated market.
“This is how a deregulated market functions. Prices will naturally rise and fall, depending on market forces and individual marketers’ costs,” Ukadike said in an interview with the News Agency of Nigeria (NAN). “Consumers must now understand that fuel prices are influenced by factors beyond local control.”
He cited global crude oil prices, currency exchange rates, and operational expenses as key variables affecting pump prices.
On Monday, both the Nigerian National Petroleum Company (NNPC) Limited and private marketers raised the cost of Premium Motor Spirit (PMS), commonly known as petrol, in Abuja and Lagos. At NNPC outlets in the capital, the price rose from ₦895 to ₦945 per litre — a ₦50 increase. Independent fuel stations adjusted prices even higher, with some selling as high as ₦955 per litre.
The recent rise has triggered fresh public outcry. Adana Chris, a local businesswoman, lamented the burden on citizens. “Every fuel increase leads to higher food prices. Wages have stayed the same. We are struggling,” she said.
Taxi driver Aminu Ibrahim voiced similar concerns, noting that the higher fuel prices are affecting his livelihood. “I’m barely breaking even. It’s becoming impossible to support my family,” he said, calling on President Bola Tinubu to intervene.
The situation reflects growing discontent over Nigeria’s post-subsidy fuel regime, with many calling for sustainable solutions to shield ordinary citizens from economic hardship.
