IPMAN Calls for End to Petrol Importation Amid Price Hikes

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to cease the importation of Premium Motor Spirit (petrol), arguing that imported petrol is now more expensive than locally refined products, thus hindering price stabilization in the downstream sector. Chinedu Ukadike, the National Publicity Secretary of IPMAN, stated that the recent fuel import licenses issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority have not achieved their goal of moderating domestic fuel prices.

He noted that petrol imported under these licenses is being sold at approximately N1,350 per litre, significantly higher than prices from the Dangote Petroleum Refinery. Ukadike criticized the policy of issuing import licenses, claiming it has led to increased price volatility and questioned the quality and pricing of imported products.

He emphasized that the offshore price of imported petrol is nearly 20% higher than Dangote's prices, contributing to pressure on the naira and exacerbating economic challenges.