Marketers Slam Importers Over ₦1,350 Fuel Price
Oil marketers have accused major importers, including AA Rano and Matrix, of fixing petrol prices at about ₦1,350 per litre, far higher than the rates offered by the Dangote Petroleum Refinery.
Speaking to Nairametrics, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the recent import licences issued to big marketers have failed to stabilise domestic fuel prices.
“We were shocked that the licences given to AA Rano, Matrix and others are being used to peg petrol at ₦1,350, which is far from what Dangote has been selling to us,” Ukadike said.
He argued that the licences were intended to check domestic pricing but instead introduced higher costs and questionable product quality, adding that price volatility was creating uncertainty for independent marketers.
Ukadike also warned that increased importation is putting pressure on Nigeria’s foreign exchange market, with the naira trading close to ₦1,400/$.
He urged the government to sustain naira-denominated crude sales to Dangote Refinery to support lower domestic prices.
He noted that international PLATTS pricing for imported products is about 20% higher than Dangote’s rates, making imports less competitive and unnecessarily increasing demand for scarce foreign exchange.
Earlier this month, the Federal Government convened a stakeholders’ meeting with Dangote Refinery, regulators, and marketers to discuss fair reductions in pump prices following a decline in global crude oil prices.
Officials stressed that the goal is to promote a more competitive downstream sector, ensuring that domestic fuel prices reflect market realities while protecting consumers from excessive volatility.