₦airaland Forum

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, has appealed to the Federal Government to lower the cost of crude oil supplied to the Dangote Petroleum Refinery in a bid to curb the escalating prices of Premium Motor Spirit (PMS), commonly known as petrol, which have now surpassed ₦1,000 per litre in several states.

In an exclusive interview with Nairametrics, Garima attributed the recent price hikes to volatile global oil markets, exacerbated by ongoing tensions in the Middle East, including the United States-Israel conflict involving Iran. These international factors have driven up crude oil prices, making it challenging for the Dangote Refinery to source affordable feedstock, which in turn affects domestic petrol production and distribution.

"Government support for domestic refining could help moderate prices, suggesting that crude supplied to the Dangote Refinery should be offered at more favourable terms rather than strictly at prevailing international market prices," Garima stated.

He emphasized that such an intervention would enable the refinery to reduce its ex-gantry prices, allowing independent marketers to offer cheaper petrol to consumers and stabilize the market.

The call comes amid widespread reports of petrol pump prices climbing to ₦1,070 1,100 per litre in northern Nigeria and ₦1,030 ₦1,050 per litre in the South-West

Depot prices for marketers have also risen to between ₦1,000 and ₦1,010 per litre, compounded by additional costs for transportation and logistics.

This surge follows the Dangote Refinery's recent adjustment of its gantry price by ₦221 within just four days, from ₦874 per litre to ₦995 per litre, leading to retail prices exceeding ₦1,050 per litre nationwide and causing supply shortages in areas like Lagos and Ogun.

Industry experts note that supporting the Dangote RefineryAfrica's largest with subsidized or favorably priced crude could promote energy self-sufficiency and alleviate the economic strain on Nigerians amid rising inflation and fuel costs.

LibertyRep:
Should this even be suggested to them before they think in this direction?

Willy2025:
The Federal government is not serious or concerned about the welfare of Nigerians. Why were they being told what to do to cushion the effect of the Israeli war of aggression against Iran on Nigeria? Why must we suffer or be affected by rising crude oil prices when we are producer? God will intervene to give us responsible leaders in Nigeria.

AntiChristian:
No need to beg Dangote!

He's a business man!

Can you go to Idumota/Aba and beg business men to slash their prices?

There's a benchmark price set for crude oil in the budget!

And there's also an international benchmark price for crude at any point in time!

Even if crude oil prices crashes in the international market, it may take a while for it to reflect in Nigeria as many people will claim to have stocks they bought at that high price.

So we're in for a long thing!

Antoeni:
Nigerians Will Remember TINUBU APC And Dangote Fot This Satanic Conspiracies Of Iran and US/ Israel At War For The Rise of Fuel Price, What is Our Business With it,
We Can See The Many Evil Of The APC Muslim/ Muslim Ticket

helinues:
Go and tell that to the Nigerians who are waiting for the war to continue. The way they have even been dragging themselves about the issue that supposed not concern them is really disgusting

ElectronicMoney:
The problem is that once prices go up in Nigeria they don't ever go back down even if conditions change

seunmsg:
I stand against anything subsidy. It will move from temporal measure to an unstoppable policy. Tinubu should please not listen to this advice. Once you start, you won’t be able to stop anytime soon. Let us all endure in the meantime and put pressure through social media on Donald Trump to stop the senseless war in Iran.