Nigeria's downstream petroleum sector has long operated without price visibility, leaving traders, marketers and consumers to navigate a market where critical information was routinely withheld. In under two years, Petroleumprice.ng has made significant strides in changing that. Olatide Jeremiah, Chief Executive Officer of Petroleumprice.ng, spoke to Petroleumprice.ng about the platform's growth, its role in fuel price transparency, Dangote Refinery's growing presence in domestic fuel supply, and the ongoing court battle over import licences.
Before Petroleumprice.ng, there was virtually no price transparency in Nigeria's downstream sector. How has that changed?
We have genuinely changed the terrain. Traders, both retail and wholesale, now have access to real-time price information, which drives better decisions. The connectivity between buyers and sellers has improved, abnormal cost markups have reduced, and transparency is increasingly the norm in an industry that some people used to call a secret cult, where prices and information were deliberately kept hidden. Today, whether you are trading from Lagos, London or Canada, you can access real-time information on Petroleumprice.ng and make the right decisions.
What are the core values driving Petroleumprice.ng, and what problem is it fundamentally trying to solve?
Three values drive everything we do. The first is accessibility. On Petroleumprice.ng, traders can get prices, real-time news, and connect with buyers or sellers with a single click. The second is transparency. We are opening up an industry that was historically opaque and making information that was once hidden publicly available in real time. The third is advocacy. We are pushing for policies that positively affect trading in the downstream sector and will continue to collaborate with industry organisations to drive that advocacy in Nigeria over the coming years.
How is your audience receiving the platform?
In under two years, five out of every ten petroleum traders depend on Petroleumprice.ng. We are the third eye in the downstream sector, and Nigerians have embraced what we are building because the product is genuinely useful. It has helped digitalise an industry that, unlike sports, entertainment or finance, previously had no dedicated digital home. Traders are saving costs, making better decisions and getting information in real time, and our subscriber growth over the past two years has been remarkable.
Beyond prices, what other areas of the downstream sector is Petroleumprice.ng tracking?
We have three pillars: price, marketplace and news. We currently track depot prices across Nigeria, and by next year we will launch retail outlets. We are also building Nigeria's first digital petroleum marketplace, where sellers can list equipment and products, and buyers can connect and transact in real time. Our news operation has also positioned Petroleumprice.ng as the authority for downstream petroleum news in Nigeria, and to have built credibility across all three pillars in under two years is something we are genuinely proud of.
Dangote has changed petrol prices repeatedly since March. What does this instability mean for the downstream sector?
Crude oil makes up 70 per cent of refining costs, and crude prices are volatile by nature. They move with geopolitical developments, demand and supply shifts, and several other irregular factors. That volatility flows directly into local prices, and last year, between 60 and 70 per cent of the Dangote Refinery's feedstock was imported, which amplified that instability. The picture is beginning to shift. The refinery now sources 56 per cent of its feedstock locally, and the naira-for-crude arrangement with the federal government should bring more stability going forward. Every time prices fluctuate, some traders gain and others suffer losses. Stability gives everyone in the chain, depot operators, wholesale traders and station owners, the ability to plan properly and manage their operations.
Dangote has gone to court to block import licences issued to six marketers. Do you support this move?
It is his constitutional right to seek legal redress when he believes something is not right. His position, as I understand it, is that the Petroleum Industry Act is clear. Importation should only occur when local refining capacity is insufficient, and he argues that he has demonstrated that capacity exists. That said, the NMDPRA holds the sole authority as regulator to determine whether local capacity is adequate. An operator does not have the power to make that determination. The matter is before the courts, and that is where it should be resolved.
There is still a wide gap between depot prices and what consumers pay at the pump. Who is responsible?
This is precisely why Petroleumprice.ng is fast becoming an authority in the sector. We exist to close that gap through transparency. When traders at both ends of the supply chain can access real-time prices, it disciplines the market. To be specific: the cost of loading and transport within Lagos should not exceed 20 naira per litre. When you factor in a reasonable retailer margin, the difference between depot price and pump price should not exceed 40 naira in Lagos and 50 naira outside Lagos. If the NMDPRA and platforms like ours work in tandem, those margins can be enforced and Nigerians will be better protected at the pump.