The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on Dangote Refinery to reduce its premium motor spirit (PMS) price to around N770 per litre.
This was disclosed on Monday by IPMAN’s National Public Relations Officer, Chinedu Ukadike, in response to remarks by Aliko Dangote, who recently stated that petrol prices in Nigeria remain affordable compared to other West African countries, citing his refinery’s ex-depot price of N825 per litre.
Ukadike disagreed, noting that despite Nigeria being a crude oil-producing nation, petrol is still costly due to the volatile exchange rate, which significantly influences local PMS prices.
“On my part, I don’t feel it’s cheap. I think the petrol will go as low as around N770. That’s my own permutation. With the refinery production and depot landing costs — and given the current dollar rate of around N1,600 — petrol should not exceed N780 or N750 per litre,” he said.
He added that if the naira appreciates to around N1,200 per dollar, the pump price could drop below N750 per litre.
Dangote, in contrast, recently claimed that Nigeria’s petrol remains 55 percent cheaper than the West African average, maintaining that local prices are still relatively low.
Currently, petrol sells for between N875 and N910 per litre in Lagos and Abuja.
