He criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to enforce transparent pricing.
ABUJA — Fuel prices have surged across Nigeria amid global tensions and local disruptions, with depot prices nearing ₦1,000 per litre.
The hike follows rising crude oil prices triggered by Israel’s airstrikes on Iran and a strike by tanker drivers in Lagos over a controversial ₦12,500 E-Call Up fee.
Data from Petroleumprice.ng showed Dangote Refinery’s petrol price rose to ₦840, while Rainoil jumped to ₦900. Fynefield and Mainland raised prices to ₦930 and ₦920 respectively.
President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, accused marketers of profiteering, insisting petrol should retail between ₦700–₦750/litre based on current crude benchmarks.
He criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for failing to enforce transparent pricing.
Osifo also decried recurring refinery shutdowns, blaming political interference despite ₦2.5bn spent on rehabilitation. The Port Harcourt refinery is temporarily shut for maintenance.
With Bonny Light crude hitting $78.62, analysts warn local fuel prices could rise further, straining already burdened consumers.
PENGASSAN urged the Federal Government to resolve disputes with tanker drivers to avoid looming scarcity.