The Independent Petroleum Marketers Association of Nigeria has announced a nationwide petrol price hike, following Dangote Refinery’s suspension of petrol sales in Naira. According to Abubakar Maigandi, National President of IPMAN, the refinery informed its customers, including marketers, of the suspension via email on Friday, citing exhaustion of its crude-for-Naira allocation. The suspension is set to take effect on Sunday, September 28, 2025.
As a result, fuel pump prices are expected to increase from the current N865 and N910 per liter in Lagos and Abuja, respectively. The new price template is scheduled to take effect on Monday, September 29, 2025, unless the Federal Government intervenes to address the Naira-for-crude-oil allocation issue with Dangote Refinery. Maigandi confirmed that IPMAN members would announce a fuel price increase, which may be implemented on Monday if the government does not intervene.
The Naira-for-crude agreement between Dangote Refinery and the Nigerian government, which aims to reduce the cost of production for the refinery and subsequently impact petrol prices, has been in effect since October 1, 2024. In April 2025, the Federal Government declared that the initiative would continue indefinitely. However, the current suspension of petrol sales in Naira has raised concerns about the potential impact on fuel prices.
The development comes at a time when Dangote Refinery is embroiled in a dispute with the Petroleum and Natural Gas Senior Staff Association of Nigeria over the alleged unjust sacking of 800 workers. The refinery’s decision to suspend petrol sales in Naira is likely to exacerbate the existing tensions in the industry.
The potential fuel price hike has significant implications for Nigerian consumers, who are already facing economic challenges. The government’s response to the situation will be closely watched, as it seeks to balance the interests of stakeholders in the industry while ensuring that fuel prices remain affordable for citizens. As the situation unfolds, it remains to be seen whether the government will intervene to address the Naira-for-crude-oil allocation issue and mitigate the impact of the petrol price hike on consumers.
