Real reason for latest fuel price increase in Nigeria – IPMAN, PETROAN

Major petroleum downstream stakeholders in Nigeria have attributed the latest surge in domestic petrol pump prices to escalating military conflict between the United States and Iran alongside supply-side cost pressures.
The national leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) clarified that domestic retail station adjustments reflect broader global market volatility.
Retail pump prices in Nigeria recently rose to between N1,310 and N1,345 per litre, up from previous rates of N1,210 to N1,275 per litre.
IPMAN National President Abubakar Maigandi noted that the geopolitical instability in the Middle East remains the principal driver of rising crude costs globally, which directly impacts local product landing costs.
He explained that petroleum pricing will continue to fluctuate in line with crude market shifts caused by the international conflict.
Similarly, PETROAN National President Billy Gillis-Harry emphasized that retail outlets operate on thin margins and must price products according to wholesale acquisition costs from primary suppliers.
He stated that station owners cannot sell below purchase costs while absorbing financing, transportation, and operational overheads. Gillis-Harry stressed that the recent price hikes originate at the supply level rather than from arbitrary markup decisions by retail operators.