The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that some petroleum marketers have temporarily suspended the loading of petrol at the Dangote Refinery.
Zonal Chairman of IPMAN, Western Zone, Oyewole Akanni, disclosed the development in an interview with the News Agency of Nigeria (NAN).
Akanni did not immediately disclose the reason for the suspension, but the development comes amid concerns among petroleum marketers over petrol pricing, supply costs and competition between imported products and locally refined fuel.
IPMAN had recently called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to review recently issued petrol import licences, arguing that imported fuel had become more expensive than products refined locally.
The association’s position followed a report by the Major Energy Marketers Association of Nigeria (MEMAN), which indicated a rise in petrol landing costs.
MEMAN had stated that petrol landing cost reached N1,190.96 per litre as of July 16, while the seven-day and 30-day averages stood at N1,155.45 and N1,070.66 per litre respectively.
The group attributed the increase to the depreciation of the naira and rising global crude oil prices, noting that the naira averaged N1,380.51 per dollar during the period, while Brent crude traded at an average of $81.08 per barrel.
IPMAN National Publicity Secretary, Chinedu Ukadike, had earlier expressed concern that some importers were selling petrol at about N1,350 per litre, a price he said was higher than locally refined products supplied by Dangote Refinery.
He questioned the need for fuel import licences when imported petrol costs more than domestically refined products, arguing that continued dependence on imports could increase pressure on Nigeria’s foreign exchange reserves.
The association has continued to advocate for stronger support for local refining capacity, including Dangote Refinery and government-owned refineries, as a way of improving fuel supply stability and reducing costs.
IPMAN also maintained that expanding domestic refining would reduce Nigeria’s reliance on imported petroleum products while creating opportunities for exports and increased foreign exchange earnings.
