IPMAN: Dangote Refinery Prevented N6,000/Litre Petrol Crisis in Nigeria
- IPMAN says the Dangote Refinery has helped Nigeria avoid petrol prices that could have risen to N6,000 per litre
- The association links the stabilisation to reduced import dependence, improved domestic supply
- Market data shows recent price adjustments after a cut in the refinery’s gantry price by N25 per litre
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) believes that Nigeria could be buying petrol for N5,000 and N6,000 per litre without the influence of the Dangote Refinery.
Chinedu Ukadike, IPMAN's spokesman, said that the ongoing Iran, the United States and Israel have destabilised the global crude oil supply market.
Source: Getty Images
According to him, Nigeria was shielded against feeling the full impact of the war because of increased domestic refining capacity.
Petroleumprice reports that he explained that if not for Dangote refinery, the rising exchange rate and crude oil prices would have skyrocketed petrol prices.
He said output from Dangote Refinery has also helped stabilise the supply of fuel in the domestic market and moderate price increases in the downstream petroleum sector.
Ukadike stated:
“Nigeria is no longer dependent on petrol product imports. I want to tell you today that petroleum products would have been around N5,000 or N6,000 per litre without Dangote Refinery
He further said that product availability across the nation has been improved, thereby making product shortage a rarity, which fuels drastic price increases in the global market and then spills over to the domestic scene.
Source: Getty Images
Petrol prices at filling stations
Recently, the Dangote Refinery reduced the ex-depot price of petrol from N1,275 per litre to N1,250 per litre, a N25 decrease.
In the Igando area of Lagos, the pump price hovered between N1,272 and N1,295 a litre as retailers adopted different paces in their price adjustment to the new gantry price, Petroleumprice.ng reports.
While most stations adjusted the prices on time, others kept it at their old rate as they had already bought the product at a ,higher cost before the new price reduction came into effect.
At the Toluwalase Petroleum filling station, a litre of petrol was sold at N1,272 per litre, the cheapest rate in that area, while the price at MRS Oil Nigeria Plc was N1,279, and Ardova Plc sold at N1,280.
NNPC Retail was selling at N1,295 a litre, the highest in the area visited. The price at an NNPC retail filling station in Abeokuta, Ogun State, was N1,295.
Petrol Landing Cost Crashes by Over N100
Earlier, Legit.ng reported that the cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre as of June 4, 2026.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
Source: Legit.ng
