Independent petroleum marketers, IPMAN, have asked the Federal Government to restore importation rights, saying competition could drive petrol prices below ₦800 per litre.
On Monday, government officials met with major players in the downstream sector, including the Dangote Refinery, to discuss why local pump prices remain high despite falling global crude oil costs. The meeting in Abuja involved regulators, consumer protection agencies, transport owners, and leading energy companies such as TotalEnergies, Eterna Plc, and Matrix Energy.
Petrol prices have strained households and businesses across Nigeria. Although crude oil prices eased after tensions in the Middle East cooled, the drop has not reflected at filling stations.
Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), urged the government to allow marketers to buy directly from Dangote Refinery and import fuel when needed. He argued that this would strengthen local refining and reduce costs.
Maigandi said independent marketers had already cut prices by ₦125 per litre nationwide. He projected that under fair market conditions, pump prices could fall below ₦800. “We are ready to reduce prices further once supply costs drop,” he explained.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, confirmed that discussions with marketers are ongoing. He noted that current petrol prices do not match international crude trends. “When crude rose above $118 per barrel, petrol prices climbed quickly. Now crude has dropped, yet petrol remains high. That is our concern,” he said.
Lokpobiri warned marketers not to use old, high‑priced inventories as an excuse to keep pump prices elevated. He insisted that Nigerians must benefit from lower replacement costs in a deregulated market.
The government has asked operators to return with concrete measures to reduce prices. While no deadline was given, officials promised continued engagement until consumers see relief.
