The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Dangote Refinery to lower its petrol price to below ₦800 per litre. Right now, the refinery sells petrol at around ₦825, but marketers believe Nigerians should pay less.
Speaking with reporters, IPMAN’s Publicity Secretary, Chinedu Ukadike, said Dangote has all the support it needs from government policies to crude oil priced in naira to reduce fuel prices at the pump.
“We Produce Oil So Why Pay So Much?”
Ukadike responded to Aliko Dangote’s recent claim that Nigerians pay only 55% of what other West African countries pay for petrol. While he agrees that fuel is cheaper in Nigeria than in countries like Ghana or Togo, he believes it still shouldn’t be as high as ₦825.
“We produce crude oil here in Nigeria,” Ukadike said. “Those other countries don’t. Dangote gets crude in naira now, not dollars. So Nigerians should also enjoy the benefits.”
What Has Changed?
Before now, one of the major challenges was fuel scarcity. Ukadike admitted that Dangote has solved that problem. Fuel is now available, and queues at filling stations have disappeared.
“Availability is no longer an issue,” he said. “Now, we need to focus on bringing the price down.”
He believes that if the government can strengthen the naira, fuel prices will naturally drop. “The exchange rate is still affecting fuel costs,” he said. “If the dollar comes down, say to ₦1,100 or ₦1,200, petrol could sell for around ₦750 per litre.”
“Petrol Should Be ₦750–₦780”
Though Ukadike isn’t an oil refining expert, he said based on current refinery and depot costs, the price of petrol shouldn’t go beyond ₦780 and could even drop to ₦750. “With the facilities Dangote has, and the support he’s getting, petrol should be cheaper,” he added.
What Dangote Said
Last week, Aliko Dangote told ECOWAS leaders and President Tinubu that his refinery is helping Nigerians save money. He said most people don’t know they are paying far less than the ₦1,600 per litre charged in nearby countries.
“We sell petrol for between ₦815 and ₦820,” Dangote said. “Thanks to the naira-for-crude policy, we’ve managed to keep prices down.” He also highlighted how local refining has helped cut prices of diesel and improve costs for businesses in agriculture, mining, and manufacturing.
So, What’s the Way Forward?
IPMAN insists the next step is price reduction. While the refinery has solved availability issues, the focus should now shift to affordability. He called on the Federal Government to stabilise the naira so more Nigerians can feel the relief of local refining.
As of the time of this report, Dangote Refinery has not responded to IPMAN.