The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over a sharp increase in petrol imports, warning it could push pump prices higher and destabilize the market.
IPMAN spokesperson Chinedu Ukadike said imported fuel is being sold at higher prices than locally refined products, undermining efforts to stabilize the downstream sector. He noted that some importers are offering petrol at around ₦1,350 per litre, above prices from domestic refineries such as Dangote.
The warning comes as new data shows Nigeria’s petrol imports surged by over 200 per cent in June, while local supply declined significantly.
Recent checks indicate that some filling stations have already increased pump prices following higher depot costs. Ukadike attributed the trend to rising crude oil prices, exchange rate pressures, and increased reliance on foreign exchange for imports.
He argued that imported fuel typically costs about 20 per cent more than locally refined products, placing additional strain on the naira and making pricing unpredictable for marketers.
IPMAN urged the Federal Government and regulators to review the issuance of import licences and prioritize domestic refining. The association said strengthening local production would help stabilize prices, reduce foreign exchange demand, and ensure consistent fuel supply.
Ukadike added that expanding Nigeria’s refining capacity could eventually position the country as a net exporter of petroleum products, rather than relying on costly imports.
