IPMAN Seeks Cheaper Crude for Dangote as Petrol Loading Stops

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Federal Government to review the cost of crude oil supplied to the Dangote Petroleum Refinery amid rising petrol prices across the country. With pump prices climbing beyond ₦1,000 per litre in several states, IPMAN says high crude costs are placing pressure on the refinery and the wider fuel market.

IPMAN National President, Abubakar Garima, stated in an interview that the refinery is grappling with expensive feedstock linked to global oil market fluctuations and tensions in the Middle East. According to him, Nigerian crude is often sold at a premium of about $3 to $6 above the Brent benchmark, while additional freight charges further increase the cost.

These rising expenses, he explained, have pushed up the refinery’s ex-depot prices. Within four days, the gantry price reportedly rose from ₦874 to ₦995 per litre an increase of ₦221 contributing to retail pump prices now ranging between ₦1,030 and ₦1,100 in different parts of the country.

Garima noted that the refinery’s reliance on international pricing frameworks, rather than special domestic arrangements, has limited its ability to cushion the impact of rising costs on consumers. He maintained that government intervention in crude pricing could help stabilise supply and bring relief to motorists.

Meanwhile, petrol loading at the Dangote Petroleum Refinery has been suspended until further notice. Tanker drivers who had queued at the facility were asked to vacate the premises as operations at the loading gantry remain temporarily halted.