IPMAN Pushes for Petrol Imports to Cut Prices

Independent petroleum marketers have urged the Federal Government to restore their right to import petrol, saying the pump price of PMS could fall below ₦800 per litre if market conditions improve.

The appeal came during a stakeholders’ meeting on cost-reflective pricing organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. The meeting followed concerns that declining global crude oil prices have not led to a similar reduction in domestic petrol prices.

Speaking at the meeting, IPMAN National President Abubakar Maigandi called on the government to allow independent marketers to import fuel directly while continuing to support local refining, including the Dangote Petroleum Refinery. He said, “Our major concern is that if products are to be distributed, let IPMAN buy products directly from the Dangote refinery and then, if we request importation, let IPMAN import by themselves. What we are trying to encourage is our local refinery. Let the government allow the local refinery to function properly and assist those who intend to refine products too.”

Maigandi said independent petroleum marketers had already reduced pump prices by about ₦125 per litre nationwide and were prepared to cut prices further if supply costs declined. He added that consumers could see petrol prices drop below ₦800 per litre depending on purchase costs from private depot owners and the Dangote Petroleum Refinery. He also welcomed the refinery’s decision to allow IPMAN members to buy products directly.

After the meeting, Minister of State for Petroleum Resources Heineken Lokpobiri said the government remained concerned that retail petrol prices had not fallen in line with lower global crude oil prices. He explained that discussions with marketers were ongoing to ensure consumers benefit from changes in the international oil market.

Lokpobiri said, “The engagements are ongoing. We had very fruitful and frank discussions with the marketers and the leaders of the downstream sector of the petroleum industry with a view to driving down the price of PMS.”

The NMDPRA also stressed that deregulation should promote efficiency and fair pricing rather than create market distortions. Authority Chief Executive Rabiu Umar said regulators and industry operators must work together to ensure that reductions in global crude oil prices translate into lower costs for consumers while maintaining a competitive and transparent market.

Do you think allowing independent marketers to import petrol would lead to lower fuel prices for Nigerians?