The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Dangote Petroleum Refinery to reduce the pump price of Premium Motor Spirit (PMS), currently sold between ₦815 and ₦825 per litre, arguing that local production and favorable government policies should enable lower pricing.
Speaking to The PUNCH, IPMAN’s National Publicity Secretary, Chinedu Ukadike, stated that the refinery possesses all the necessary advantages—particularly the Federal Government’s naira-for-crude policy—to sell petrol at a lower price, ideally around ₦750 to ₦770 per litre.
“I agree that petrol is cheaper in Nigeria than in other West African countries. But those countries don’t produce crude oil or refine in local currency. We do both,” Ukadike said. “With crude now paid for in naira, and reduced forex pressures, Nigerians should benefit more directly through lower fuel prices.”
His comments came in response to recent remarks by Dangote Group President, Aliko Dangote, who said Nigerians currently pay just 55% of what consumers in other West African countries pay for petrol. During a recent visit by ECOWAS President Dr. Omar Touray and President Bola Tinubu to the 650,000-barrel-per-day refinery in Lekki, Dangote emphasized that his refinery had helped crash fuel prices locally and improve industrial productivity, especially after cutting diesel prices significantly.
Ukadike, however, maintained that while the refinery has ended fuel scarcity in Nigeria, it has yet to fully deliver on price relief.
“What Dangote has solved is availability. On pricing, we’re not there yet,” he said. “With a stable and stronger naira, petrol should be cheaper. If the exchange rate improves to around ₦1,100–₦1,200 per dollar, PMS could fall below ₦750 per litre.”
He estimated that, based on refinery production and depot landing costs, the ex-depot price of petrol shouldn’t exceed ₦780 at current exchange rates.
Responding to Dangote’s claim that regional comparisons favor Nigeria, Ukadike insisted local consumers deserve better, considering the refinery enjoys significant support and operates in a crude-producing nation.
Meanwhile, market intelligence firm S&P Global recently reported that the Dangote refinery’s prices remain relatively high despite falling global crude oil prices, raising questions about its pricing strategy.
As of the time of filing this report, the Dangote Refinery’s spokesperson, Tony Chiejina, had not responded to IPMAN’s comments.