Marketers Resist Pressure to Cut Petrol Price Below ₦739 Per Litre

By Naija Enquirer Staff

Despite increasing competition in Nigeria’s downstream petroleum sector, many oil marketers have resisted pressure to reduce the retail price of Premium Motor Spirit (PMS), also known as petrol, below ₦739 per litre.

The resistance comes months after the Dangote Petroleum Refinery slashed petrol prices from about ₦900 to ₦739 per litre in December, a move that intensified competition and put pressure on other marketers to adjust their prices or risk losing customers.

However, market checks revealed that while some marketers have reduced pump prices to attract patronage, many filling stations continue to sell petrol at higher prices ranging between ₦740 and ₦800 per litre, depending on location.

Reacting to the development, the spokesman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr. Chinedu Ukadike, attributed the higher prices to logistics and transportation costs involved in distributing products across the country.

“Most of our members have filling stations in the outskirts, and it costs a lot to move petroleum products from one part of Nigeria to another,” Ukadike said.

He explained that although marketers are committed to sustaining supply nationwide, distribution costs must be reflected in pump prices.

“We are doing our best to sustain supplies at filling stations, but the costs have to be factored into the prices. However, as the Dangote Petroleum Refinery continues to supply independent marketers, we hope that the current high prices will reduce,” he added.

IPMAN National President, Alhaji Abubakar Maigandi Shettima, reaffirmed the association’s support for the Dangote Refinery, noting that marketers have consistently lifted products since supply began without complaints.

“Our members fully support Dangote Refinery. Since supply began, marketers have consistently lifted products without any complaints. We oppose continued importation because Dangote Refinery has the capacity to meet the country’s entire PMS demand,” Shettima said.

He also welcomed the refinery’s plan for direct delivery to filling stations, describing it as a critical step toward stabilising distribution and reducing costs for consumers.

According to him, improved access to locally refined products has eased supply pressures and boosted confidence among independent marketers.

Shettima reaffirmed IPMAN’s commitment to domestic refining, describing it as a sustainable solution to Nigeria’s downstream petroleum challenges.