The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government to consider selling crude oil to the Dangote Petroleum Refinery at a subsidised rate rather than the prevailing international market price.
The appeal was made by the National President of IPMAN, Abubakar Garima, during an interview in which he discussed rising fuel prices and their impact on Nigerians.
According to Garima, offering crude oil to the Dangote Refinery at more favourable terms could help reduce the rising cost of petrol across the country.
He explained that the increasing price of Premium Motor Spirit (PMS), commonly known as petrol, has been influenced by instability in the global oil market, including tensions linked to the conflict involving Iran, Israel and the United States.
Recent market observations show that petrol prices have surpassed ₦1,000 per litre in several states across Nigeria, placing additional pressure on households and businesses.
Garima argued that if the Dangote Refinery is able to obtain crude oil at a lower price through government support, it could reduce its ex-depot or gantry prices.
This, he said, would enable independent marketers to sell petrol to consumers at more affordable rates. “Government support for domestic refining could help moderate prices,” Garima said, adding that crude supplied to the Dangote Refinery should be offered at favourable terms rather than strictly at international market prices.
He maintained that such a move could help stabilise the fuel market and reduce the burden of rising petrol prices on Nigerians.
The call comes shortly after the Dangote Refinery increased its petrol gantry price by ₦221 within four days, raising it from ₦874 per litre to ₦995 per litre.
The sharp increase has pushed retail petrol prices above ₦1,050 per litre in several parts of the country and contributed to supply shortages in some areas, including Lagos and Ogun states.
Industry observers believe that policies supporting local refining could help reduce Nigeria’s reliance on imported fuel and provide some relief from frequent price fluctuations.