The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on Dangote Refinery to reduce the price of premium motor spirit (PMS), commonly known as petrol, to around ₦770 per litre, rather than the current ex-depot price of ₦825 per litre. This position was made public by IPMAN spokesperson Chinedu Ukadike on Monday, June 9, 2025.
Ukadike’s comments came in response to recent statements by billionaire industrialist Aliko Dangote, who argued that Nigeria’s petrol is among the least expensive in West Africa. Dangote claimed that the ex-depot price from his refinery is ₦825 per litre, which he maintains is competitive.
However, Ukadike disagreed, stating that the cost of petrol in Nigeria is not “cheap,” especially for a country that produces crude oil. He explained that the exchange rate is a crucial factor in determining the pump price. According to him, if the naira strengthens further against the dollar from the current rate of about ₦1,600 to ₦1,200 per dollar the price of petrol could drop below ₦750 per litre.
“In my view, petrol should go as low as around ₦770 per litre,” Ukadike said. “With refinery production costs and the landing cost at the depot, petrol should not be more than ₦780 or ₦750, in line with the dollar rate. If the exchange rate improves, PMS from Dangote Refinery should be ₦750 per litre or less.”
Currently, Nigerians are paying between ₦875 and ₦910 per litre for petrol in major cities such as Lagos and Abuja, far above IPMAN’s suggested price. The association’s call reflects growing pressure on Dangote Refinery and the government to make fuel more affordable for Nigerians amid ongoing economic challenges.