SGR Defends N899 Petrol Price, Cites Market Realities
Leading fuel distributor, SGR, has defended its pump price of ₦899 per litre for Premium Motor Spirit (PMS), attributing the increase to prevailing market realities and high operational costs in Nigeria’s deregulated downstream sector.
This clarification came after the Independent Petroleum Marketers Association of Nigeria (IPMAN) raised concerns, describing the price as excessive and potentially disruptive.
In a statement released on Monday by its Corporate Communications Team, SGR emphasized that several factors—including fuel importation costs, distribution logistics, and operational sustainability—contribute to its current pricing.
“Pricing in a deregulated environment responds to multiple market forces,” the company explained. “Our rates reflect these forces and are not intended to create pressure or distortions in the market.”
SGR reiterated its commitment to fair pricing and consumer transparency. It stressed that the ₦899 rate was not arbitrary but a necessary response to fluctuating exchange rates, supply bottlenecks, and increased transportation costs.
The company also expressed openness to discussions with key stakeholders such as IPMAN to maintain a balanced and effective distribution network across the country.
“We are committed to stakeholder engagement to ensure fuel supply remains stable and equitable for all Nigerians,” the statement concluded.
The development comes amid heightened public debate on fuel pricing following the full deregulation of the oil sector. Many marketers continue to cite unstable forex rates and logistics challenges as key reasons for the surge in fuel pricSGR assured Nigerians of its dedication to service quality and long-term customer trust.
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SGR Defends N899 Petrol Price, Cites Market Realities