The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Dangote Petroleum Refinery to reduce the price of Premium Motor Spirit (PMS), commonly known as petrol, below its current ex-depot rate of ₦825 per litre.
Speaking with reporters, IPMAN’s Publicity Secretary, Chinedu Ukadike, argued that the Lekki-based refinery possesses the right infrastructure and local advantages to offer a lower price, suggesting petrol should retail around ₦750 per litre in Nigeria.
ALSO READ: Depot Owners Undercut Dangote as NNPC Adjusts Pump Price
Ukadike was responding to recent remarks made by Aliko Dangote, President of the Dangote Group, who credited his refinery with driving down fuel prices across Nigeria. Dangote had told ECOWAS officials and President Bola Tinubu that Nigeria’s naira-for-crude policy helped reduce costs, making petrol prices in Nigeria nearly 55% cheaper than in other West African countries.
While Ukadike acknowledged that Nigerians pay less for petrol compared to their West African neighbours, he maintained that, given Nigeria’s crude oil production and local refining capacity, the price should be significantly lower. He emphasised that many of these neighbouring countries neither produce crude oil nor refine it using their local currency, unlike Nigeria.
He praised the Dangote Refinery for resolving the long-standing problem of fuel scarcity and queues at petrol stations. However, he stressed that to make fuel more affordable, the Federal Government must focus on strengthening the naira.
