The National President of the Independent Marketers Association of Nigeria (IPMAN), Abubakar Garima, has urged the Federal Government to reduce the cost of crude oil supplied to the Dangote Petroleum Refinery in order to ease rising petrol prices across the country.
Garima made the call in an interview with Nairametrics, while reacting to the recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, which has risen above ₦1,000 per litre in parts of Lagos, Ogun and Oyo states.
According to him, the surge in prices is largely linked to developments in the global oil market, particularly tensions in the Middle East which have pushed crude oil prices higher and affected the cost structure for refiners.
Garima said marketers have engaged the Dangote Petroleum Refinery on the issue but noted that the refinery is also facing challenges sourcing crude oil at lower rates due to prevailing international market conditions.
He explained that most independent marketers purchase petrol from private depots, where prices have also risen, leading to higher retail pump prices after transportation and logistics costs are added.
According to him, some depots are currently selling petrol between ₦1,000 and ₦1,010 per litre, which pushes pump prices higher across various regions.
Garima added that stations in parts of northern Nigeria could sell between ₦1,070 and ₦1,100 per litre, while filling stations in the South-West may retail between ₦1,030 and ₦1,050 per litre, depending on supply location and distribution costs.
He maintained that government support for domestic refining could help moderate prices, suggesting that crude supplied to the Dangote Refinery should be offered at more favourable terms rather than strictly at prevailing international market prices.
According to him, such relief would allow the refinery to supply petrol to marketers at lower rates and ultimately reduce the burden on consumers.
The call comes amid recent price adjustments by the Dangote Petroleum Refinery, which increased its petrol gantry price to ₦995 per litre, representing a ₦221 rise within four days from an earlier rate of ₦874 per litre.
The adjustment has triggered a fresh round of retail price increases nationwide, with some filling stations selling petrol above ₦1,050 per litre, while supply disruptions have also been reported in parts of Lagos and Ogun.
Rising global crude prices linked to the ongoing United States–Israel conflict involving Iran have continued to add pressure on petroleum markets, raising concerns about further volatility in domestic fuel prices.