The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a warning regarding a potential surge in fuel and diesel costs. This follows the Dangote Refinery’s decision to stop selling refined products in naira, effectively ending the naira-for-crude arrangement that was established on October 1, 2024.
IPMAN spokesperson Chinedu Ukadike stated that pricing will now rely on current exchange rates. He warned that this transition makes retail prices vulnerable to currency instability. Ukadike called on the Presidential Committee on Naira-for-crude sales to step in immediately to prevent significant price hikes.
According to Ukadike, the shift will increase demand for the dollar, potentially driving up its value alongside rising global crude oil prices. He noted that these two factors are primary drivers of domestic pump prices. Meanwhile, ex-depot prices for petrol remain stable, with Dangote Refinery charging N1075 per liter, while other depots list prices between N1085 and N1170. Current retail prices in Abuja and surrounding areas range from N1155 to N1205 per liter.
