The Independent Petroleum Marketers Association of Nigeria (IPMAN) is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to re-evaluate recently granted petrol import permits. IPMAN asserts that purchasing fuel from abroad is currently costlier than sourcing it from domestic refineries.
This appeal follows data from the Major Energy Marketers Association of Nigeria (MEMAN), which highlighted a substantial spike in petrol landing expenses. As of July 16, landing costs reached N1,190.96 per litre, driven by the depreciation of the naira and higher international crude oil valuations. With the naira averaging N1,380.51 per dollar and Brent crude nearing $81.08 per barrel, the financial strain is evident.
IPMAN National Publicity Secretary Chinedu Ukadike expressed alarm that some importers are pricing petrol at N1,350 per litre, a figure significantly higher than the rates from the Dangote Refinery. Ukadike questioned the logic behind authorizing imports that exceed local prices by approximately 20 per cent, noting that this practice depletes the nation’s foreign exchange reserves unnecessarily.
The association is urging the federal government to prioritize domestic production through both the Dangote Refinery and state-owned facilities. By fostering local refining, Nigeria can ensure energy stability, lower prices, and potentially transform into a petroleum exporter to bolster foreign exchange earnings.
