The Independent Petroleum Marketers Association of Nigeria (IPMAN) has strongly criticized major fuel importers for setting ex-depot prices of imported Premium Motor Spirit (PMS) at approximately ₦1,350 per litre, warning that the practice undermines the Federal Government’s goal of using import licences to drive down fuel prices through open-market competition.
Imported petrol is entering the market at ex-depot rates around ₦1,350 per litre, significantly higher than locally refined PMS from domestic suppliers like the Dangote Petroleum Refinery.
IPMAN noted that foreign exchange demand for costly imports continues to weaken the naira and destabilize domestic fuel prices.
The association urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to review current import licences and protect independent marketers from price distortion.
Speaking to journalists in Abuja, IPMAN’s National Publicity Secretary, Chinedu Ukadike, voiced serious concern over how recent import approvals granted to major marketing companies, such as AA Rano and Matrix, are affecting energy affordability nationwide.
”We were shocked that the licences given to import petroleum products are being used to peg the price at around ₦1,350 per litre. The recent import licences, which were meant to serve as a check on domestic petroleum products, are not yielding the expected results for independent marketers.” Chinedu Ukadike stated.
Ukadike stressed that importing fuel at rates well above domestic output drains foreign exchange reserves and destabilizes pump prices. He urged the Federal Government and downstream regulators to prioritize local refining capacity, including public refineries managed by the Nigerian National Petroleum Company Limited (NNPCL) to establish long-term price stability.
IPMAN called on the Federal Government to align downstream regulations with local refining goals to ensure Nigerian consumers receive fair and sustainable petroleum pricing.
