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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that pump prices of petrol will rise across the country following Dangote Refinery’s decision to halt sales of Premium Motor Spirit (PMS) in Naira.
IPMAN’s National President, Abubakar Maigandi, disclosed the development in an interview on Saturday, noting that the refinery had formally notified marketers of the change.
According to him, the refinery sent out an official email on Friday, September 26, announcing that its Naira-based transactions would cease starting Sunday, September 28.
With this shift, Nigerians are expected to pay more for petrol, which currently sells between ₦865 and ₦910 per litre in Lagos and Abuja.
Marketers warn that the adjustment could take effect as early as Monday, September 29, unless the Federal Government steps in.
“We can confirm that Dangote Refinery has stopped selling petrol in Naira,” Maigandi said.
“Our members have no choice but to reflect this in pump prices, and the increase will likely begin next week if the government fails to intervene.”
Industry sources say the refinery’s decision stems from the exhaustion of its crude-for-Naira allocation, a temporary arrangement that previously cushioned marketers from dollar-linked costs.
Without this system, operators will now source petrol on international terms, making prices vulnerable to foreign exchange volatility.
The development comes at a time when the refinery is also facing internal disputes.
Dangote Industries is currently in a standoff with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the controversial dismissal of about 800 workers, further compounding tensions within the sector.
Analysts warn that a fresh round of fuel price increases could worsen inflationary pressures already weighing heavily on households and businesses.
“Any jump in pump prices will ripple across the economy, transport costs will rise, and so will food prices,” one Lagos-based energy economist explained.
IPMAN, meanwhile, is urging the Federal Government to urgently resolve the Naira allocation issue with Dangote Refinery.
Maigandi stressed that failure to act swiftly would mean Nigerians should brace themselves for steeper fuel prices in the coming days.