Independent petroleum marketers have called on the Federal Government to restore import licences for fuel marketers while projecting that the pump price of Premium Motor Spirit (PMS) could fall below ₦800 per litre if competition is encouraged and marketers are allowed to import products directly when necessary. The proposal emerged during a stakeholders’ meeting convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Oil marketers have expressed optimism that Nigerians could soon begin paying less than ₦800 per litre for petrol if the Federal Government restores import licences and deepens competition in the downstream petroleum sector.
The proposal was presented during a stakeholders’ meeting on cost-reflective pricing organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, where government officials and industry operators discussed ways to align domestic fuel prices with prevailing international crude oil prices.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the government to permit independent marketers to import petroleum products directly while also supporting local refining, particularly production from the Dangote Petroleum Refinery.
IPMAN President Abubakar Maigandi said independent marketers have already begun reducing pump prices nationwide and expressed confidence that prices could drop below ₦800 per litre if marketers are granted direct access to imports and refinery products under competitive market conditions. He noted that recent agreements allowing IPMAN members to buy directly from the Dangote refinery could further reduce costs for consumers.
The renewed request comes as the Federal Government seeks to ensure petrol prices more accurately reflect movements in global crude oil prices.
During the meeting, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri said the government was engaging marketers because falling international crude prices should eventually translate into lower pump prices for Nigerians.
The discussions also come amid broader changes in the downstream sector following the expansion of domestic refining capacity and increasing participation by the Dangote refinery in the local fuel market.
IPMAN maintained that increased competition, combined with support for domestic refining, would help stabilise supply and lower retail prices.
The NMDPRA said it would continue working with industry stakeholders to promote cost-reflective pricing while ensuring consumers benefit from changing market conditions.
The marketers’ proposal has added fresh momentum to discussions about fuel pricing in Nigeria. While no immediate policy change has been announced, stakeholders believe that a combination of direct refinery access, competitive imports where necessary and transparent pricing mechanisms could lead to more affordable petrol for consumers in the coming months.