Oil marketers have revealed that most filling stations that used to sell 10,000 litres of petrol daily are now selling about 1,000 litres, sometimes even as low as 300 litres, per day.
This is according to industry operators who say the sharp rise in pump prices has significantly altered consumer behaviour and reduced demand for petroleum products.
They said that many motorists are seriously cutting down on fuel consumption, as most of them are buying just five or four litres of the product.
The development comes amid sustained volatility in the downstream petroleum sector, driven by rising global crude oil prices linked to the Middle East conflict involving the United States of America, Iran and Israel.
The surge in prices has pushed petrol from an average of N839 per litre to over N1,350 per litre, while diesel has risen from N1,340 to above N1,750 per litre in recent weeks.
Marketers say the situation has weakened purchasing power, reduced sales volumes, and forced both consumers and operators to adjust to a new market reality.
Oil marketers say the spike in petrol prices has led to a sharp drop in daily sales volumes and a noticeable shift in consumer behaviour, with many motorists opting for cheaper transport alternatives.
They said motorists are abandoning luxury vehicles for cheaper alternatives and reducing fuel consumption as petrol prices surge across Nigeria.
Marketers say the combined effect of high prices and reduced consumption has significantly impacted turnover across filling stations nationwide.
Industry operators say structural challenges in Nigeria’s refining capacity and pricing dynamics have worsened the impact of rising global oil prices on domestic fuel costs.
They added that even with local refining, factors such as efficiency, scale, and transparency would determine the extent of price moderation.
Marketers also disclosed that many operators are diversifying into alternative energy products and improving operational efficiency to stay afloat amid declining petrol demand.
Ukadike said that most producing nations are no longer exporting petroleum products as they are trying to sustain local demand.
He added that if Nigeria could triple its crude oil production and exports, it could become an exporter of refined petroleum products with our refineries working instead of looking to import.
He also said that these petroleum products are available, noting that the situation could have been worse if there had been product scarcity with more pressure on Nigerians. He said that leaves the masses to only battle with the issue of affordability.
The surge in petrol prices is part of a broader energy cost increase affecting multiple sectors of the Nigerian economy.
The current trend highlights how global oil market shocks are directly reshaping consumer behaviour and business operations in Nigeria’s energy sector, with affordability emerging as a major concern for households and businesses alike.
