IPMAN Warns of Rising Petrol Prices After Dangote Refinery Halt

The Independent Petroleum Marketers Association of Nigeria (IPMAN) reported that petrol marketers have suspended fresh purchases and some filling stations have temporarily closed due to extreme price uncertainty. These disruptions followed a sudden, four-day suspension of Premium Motor Spirit (PMS) loading at the Dangote Petroleum Refinery & Petrochemicals Fze, which occurred without prior notice. The suspension left several trucks stranded and forced marketers to source fuel from private depots at higher prices, ranging from ₦1,200 to ₦1,250 per litre.

While the Nigerian National Petroleum Company Limited (NNPCL) is also affected as a primary source from the refinery, IPMAN officials maintain that there is no general fuel scarcity and have urged the public to avoid panic buying. However, they warned that pump prices are likely to rise if the refinery does not resume sales. Some outlets, such as AYM Sharfa, already increased prices from ₦1,191 to ₦1,220 per litre over the weekend.

Adding to the instability, IPMAN criticized the federal government's increase in petroleum product import licenses. National Publicity Secretary Chinedu Ukadike stated that imported petrol entering the market at approximately ₦1,350 per litre is roughly 20 percent more expensive than products from the Dangote Refinery. The association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to review the license regime and prioritize domestic refining to protect foreign exchange reserves and ensure price stability.