IPMAN: Without Dangote Refinery, Petrol Would Cost N6,000 Per Litre Now
By Aboki Forex —
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the Dangote Refinery has prevented petrol prices from hitting N5,000 or N6,000 per litre. Chinedu Ukadike, IPMAN's spokesman, said the ongoing conflict between Iran, the United States and Israel has destabilised global crude oil supply. Without local refining, Nigeria would have felt the full impact of that war.
Ukadike explained that rising exchange rates and high crude oil prices would have pushed petrol costs through the roof. He said the refinery's output has stabilised domestic supply and moderated price increases in the downstream sector. “Nigeria is no longer dependent on petrol imports,” he stated. “I want to tell you today that petroleum products would have been around N5,000 or N6,000 per litre without Dangote Refinery.”
He added that product availability across the nation has improved, making shortages rare. Shortages often cause drastic price hikes in the global market that spill over to Nigeria.
Recent Price Adjustment
Last week, the Dangote Refinery cut its ex-depot price of petrol from N1,275 per litre to N1,250 per litre, a reduction of N25. In the Igando area of Lagos, pump prices now range from N1,272 to N1,295 per litre. Retailers adjusted at different speeds depending on when they bought their stock.
At Toluwalase Petroleum filling station, a litre sold for N1,272, the cheapest in that area. MRS Oil Nigeria Plc sold at N1,279, while Ardova Plc sold at N1,280. NNPC Retail was the highest at N1,295 per litre. In Abeokuta, Ogun State, an NNPC station also sold at N1,295.
Imported Petrol Now Cheaper Than Dangote’s
Meanwhile, the cost of importing petrol into Nigeria has dropped sharply. New data from the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS) fell to N1,117 per litre as of June 4, 2026. That figure is now N133 lower than Dangote Refinery’s gantry price of N1,250 per litre. The price drop follows a recent decline in global crude oil prices, creating fresh competition for local refiners.