The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a nationwide petrol price hike after Dangote Refinery suspended petrol sales in Naira. National President Abubakar Maigandi said the refinery informed its customers, including marketers, by email on Friday that the suspension was due to the exhaustion of its crude‑for‑Naira allocation. The suspension will take effect on Sunday, 28 September 2025.
As a result, fuel pump prices are expected to rise from the current N865 per litre in Lagos and N910 per litre in Abuja. The new price template is scheduled to be implemented on Monday, 29 September 2025, unless the Federal Government intervenes to resolve the Naira‑for‑crude‑oil allocation issue with Dangote Refinery. Maigandi confirmed that IPMAN members would announce the price increase, which could be applied on Monday if no government action is taken.
The Naira‑for‑crude agreement between Dangote Refinery and the Nigerian government, intended to lower the refinery’s production costs and consequently reduce petrol prices, has been in force since 1 October 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 its impact on fuel prices.
The development occurs amid a dispute between Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria over the alleged unjust dismissal of 800 workers. The refinery’s decision to halt petrol sales in Naira is likely to heighten existing industry tensions.
The potential fuel price hike has significant implications for Nigerian consumers, who are already facing economic challenges. The government’s response will be closely watched as it seeks to balance the interests of industry stakeholders while keeping fuel affordable for citizens. 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 price increase on consumers.
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