The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that private depot owners have hiked the cost of petrol to N770 per litre.

IPMAN’s national president, Abubakar Maigandi, disclosed this, stating that depot owners are complaining that the cost of freighting cargo at sea has risen, affecting prices.

Maigandi said the development has impacted petrol prices nationwide despite its availability.

The IPMAN president said the cost component has led to an upward adjustment in petrol prices, which has affected pump prices. According to him, the cost of freighting the product in Lagos is about N30 or N35 per litre, stressing that the aggregate cost of petrol in Lagos is around N800 per litre.

The Nation reports that Maigandi said those lifting petrol from Kebbi State pay as much as N70 per litre in freight costs, leading to petrol selling for as much as N900 and N1,000 per litre in Kebbi.

He said: “It is a little bit available now because there is no queue. But the only thing is the cost of the private depots. They sell it at N770/litre.

“They are complaining about the transportation of their cargoes from the high seas, so they increased the price. “At that rate, the pump price depends on the distance.

Where you will spend N30 like in Lagos, if you add N770 plus N30, it is N800. He said petrol could only sell for less when Dangote and other refineries across Nigeria began to produce it.

The development comes as the Committee on Petroleum (Downstream) said the Port Harcourt and Warri refineries will become functional before 2024, Legit.ng reported.

The chairman of the committee, Ifeanyi Ubah, said that two Nigeria refineries would become fully operational this year. Ubah said the Port Harcourt and Warri refineries are currently undergoing turnaround maintenance and will function on the set dates.

Ubah said the Port Harcourt and Warri refineries are currently undergoing turnaround maintenance and will function on the set dates. The senator said plans have already begun to achieve the set target, adding that the Kaduna Refinery would also become functional before the end of 2025.

He said completing the two facilities and supply from the Dangote Refinery would allow Nigeria to meet its fuel consumption needs.