Independent petroleum marketers have called on the Federal Government to restore their right to import petroleum products directly, saying pump prices for Premium Motor Spirit (PMS) could drop below ₦800 per litre if market conditions allow.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, made the appeal on Monday at a stakeholders’ meeting on cost-reflective petrol pricing held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
The meeting was called by the Federal Government amid concerns that falling global crude oil prices had not led to a corresponding drop in domestic petrol prices.
Maigandi asked the government to let independent marketers import petrol directly while continuing to support local refining capacity, including the Dangote Petroleum Refinery. He said IPMAN wanted to buy products directly from Dangote and, where necessary, import independently, while pushing government to strengthen local refining.
He disclosed that marketers had already cut pump prices by about ₦125 per litre nationwide and were ready to cut further as supply costs eased, adding that prices were being adjusted gradually — much as they had risen gradually. He said marketers were prepared to bring prices below ₦800, not just ₦900, depending on purchase costs from private depots and the Dangote refinery. He also welcomed Dangote’s decision to allow independent marketers to buy directly from the refinery, saying Nigerians would soon feel the impact on pricing.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, said after the meeting that government was concerned petrol prices had not fallen in step with global crude prices. He said talks with marketers and downstream operators were frank and ongoing, aimed at ensuring lower crude costs translate to cheaper pump prices. He noted marketers argued crude was still trading above $90 a barrel, but questioned why prices hadn’t dropped as sharply as they had risen when Brent crude exceeded $118 a barrel.
According to Lokpobiri, government relayed consumer concerns to operators, who promised to return with concrete proposals to lower PMS prices. He declined to give a timeline for when Nigerians should expect relief, saying only that discussions were continuing.
NMDPRA Chief Executive Officer, Farouk Ahmed, said deregulation must not be used to distort the market or exploit consumers. He pointed to a recent similar dialogue on the domestic gas sector that had already led to a significant drop in LPG prices, saying he expected further reductions in coming weeks. He acknowledged global crude prices had eased considerably but said domestic retail prices had yet to reflect that shift, adding that the regulator would work with operators to understand bottlenecks behind the gap. He stressed that deregulation was meant to drive efficiency and protect public interest, not enable unfair pricing, and called for a transparent system where market gains reach consumers.
The meeting brought together the Federal Competition and Consumer Protection Commission, IPMAN, the Major Energy Marketers Association of Nigeria, depot and retailer associations, road transport operators, and major industry players including TotalEnergies, Eterna Plc, Matrix Energy Group, and representatives of the Dangote refinery.
READ ALSO:
- Okorocha Wins in Court as Judge Voids Uzodimma’s APC Senate Candidacy
- Senate Urges FG To Name School After Late Afenifere Leader Fasoranti
- FBI Offers $5,000 Reward For Nigerian Woman Who Failed To Report To US Prison
- NiDCOM Urges Nigerians In France To Remain Calm Amid Protests
- NSCDC Suspends Officer Over Shooting Incident At Abuja Market
