Nigerians may be bracing for yet another hike in petrol pump price as the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that its members will adjust prices upward following Dangote Refinery’s suspension of Premium Motor Spirit (PMS) sales in Naira.
The refinery, which processes 650,000 barrels per day, reportedly sent an official notice to its customers on Friday, notifying them that effective Sunday, September 28, petrol sales would no longer be conducted in local currency.
National President of IPMAN, Abubakar Maigandi, who confirmed the development, said the new pricing template would reflect at the pumps from Monday, September 29, unless the Federal Government urgently intervenes.
“Yes, we received the email from Dangote Refinery on the suspension of PMS sales in Naira on Friday evening. The implication is that our members will announce a fuel price increase. It may take effect from Monday if the Federal Government does not intervene,” Maigandi said.
With the suspension, pump prices in major cities such as Lagos and Abuja could rise above the current band of N865 to N910 per litre, a situation that has triggered fresh concerns over rising living costs and worsening inflation.
Dangote Refinery, which had enjoyed a crude-for-Naira allocation agreement with the Federal Government since October 2024, explained that its Naira quota had been exhausted, hence the shift to dollar-denominated transactions.
The Federal Government had in April this year declared that the arrangement, designed to stabilise production costs and ease fuel prices, would continue indefinitely. The refinery’s sudden withdrawal from the scheme has, however, thrown the energy sector into fresh uncertainty.
The latest crisis also coincides with a labour dispute, as the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) accused the refinery of sacking 800 workers in violation of labour rights, further deepening tension within the oil and gas industry.
For many Nigerians already battling economic hardship, the looming petrol price increase threatens to worsen transportation costs, food inflation, and general living expenses.
All eyes are now on the Federal Government to quickly intervene in the refinery–marketers standoff to avert another round of nationwide economic strain.
