Despite heightened competition in Nigeria’s downstream petroleum sector, several oil marketers have resisted lowering retail prices of Premium Motor Spirit (PMS), or petrol, below the Dangote Petroleum Refinery benchmark of N739 per litre.
The Dangote Refinery had reduced pump prices from about N900 to N739 per litre last December, putting pressure on other operators to adjust or risk losing customers. While some marketers have reduced prices to attract patronage, revealed that many still sell petrol between N740 and N800 per litre, depending on location.
Chinedu Ukadike, spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the higher retail prices to logistics costs, particularly for stations located on the outskirts of urban centres. He said, “It costs a lot to move petroleum products from one part of Nigeria to another. We are doing our best to sustain supplies at filling stations, but these costs have to be factored into prices. However, as Dangote Petroleum Refinery continues to supply independent marketers, we hope current high prices will reduce.”
IPMAN National President, Abubakar Maigandi Shettima, expressed full support for Dangote Refinery, noting that independent marketers have consistently lifted products without complaints since supply began. He opposed continued importation, stating that the refinery has the capacity to meet the nation’s entire PMS demand.
Shettima added that direct delivery from the refinery to filling stations is critical for stabilizing distribution and benefiting consumers. Improved access to locally refined products has eased supply pressures, strengthened confidence among independent marketers, and reinforced IPMAN’s commitment to domestic refining as a sustainable solution for Nigeria’s downstream petroleum sector.
