The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the pricing of imported petrol, alleging that some imported products are being sold at about N1,350 per litre.
The association argued that the development could undermine the Federal Government’s objective of issuing import licences to promote competition and moderate domestic fuel prices.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, expressed concern that imported petrol was reportedly being sold at prices significantly higher than those offered by the Dangote Petroleum Refinery.
According to him, independent petroleum marketers had expected the government’s import licensing policy to create a competitive environment that would help moderate fuel prices.
However, he said the recent development suggested that the policy had not yet achieved the desired outcome.
Ukadike reportedly cited the pricing of products from importers, including AA Rano and Matrix, as an area requiring greater scrutiny.
He urged the Federal Government to examine the situation transparently through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which is responsible for regulating the industry.
“The independent marketers of Nigeria have looked at the price volatility, the issue of the import licence, the issue of sales of petroleum products and dollar, and holistically I will want to use the opportunity to urge the federal government to be able to look into this thing transparently through NMDPRA, who is the authority of the industry,” Ukadike said.
The debate comes amid continued efforts to stabilise Nigeria’s downstream petroleum sector following major reforms in the industry.
The removal of petrol subsidy and the subsequent deregulation of the market have significantly changed the way petroleum products are priced and distributed.
The emergence of the Dangote refinery has also introduced a major domestic source of refined petroleum products, potentially changing the competitive dynamics of the market.
However, petroleum marketers argue that competition must result in pricing that benefits consumers.
IPMAN’s concerns suggest that the availability of import licences alone may not be sufficient to guarantee lower fuel prices.
Market conditions, foreign exchange costs, crude oil prices, logistics and regulatory policies all influence the final pump price of petrol.
The association’s call for greater transparency therefore highlights the need for regulators to monitor the market closely and ensure that competition delivers the intended benefits.
For Nigerian consumers, petrol prices remain a major economic concern because changes in fuel costs have wider implications for transportation, food prices and the general cost of living.
The Federal Government and NMDPRA will therefore face continued pressure to ensure that the evolving downstream petroleum market remains competitive, transparent and responsive to consumer interests.
