The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that petrol prices in Nigeria could have soared to between ₦5,000 and ₦6,000 per litre if not for the operations of the Dangote Refinery amid the ongoing tensions in the Middle East.
Speaking with DAILY POST on Monday, IPMAN’s National Publicity Secretary, Chinedu Ukadike, said the refinery has played a critical role in shielding Nigeria from the full impact of global fuel market disruptions caused by the prolonged conflict involving Iran, the United States, and Israel.
Ukadike made the remarks while reacting to the recent reduction in fuel prices across the country following another cut in the petrol gantry price by the Dangote Refinery.
According to him, the refinery, with a production capacity of about 700,000 barrels per day, has strengthened Nigeria’s domestic fuel supply and significantly reduced the country’s dependence on imported petroleum products.
He noted that continued reliance on fuel imports would have exposed Nigeria to severe price shocks arising from international market instability.
While acknowledging that rising crude oil prices have boosted Nigeria’s revenue earnings, Ukadike commended the Dangote Refinery for ensuring a steady supply of petrol to the local market.
He stressed that Nigerians would have faced far higher fuel costs without the refinery’s intervention, estimating that pump prices could have reached as much as ₦6,000 per litre.
Meanwhile, fuel prices at retail outlets in Abuja have declined, with petrol now selling between ₦1,317 and ₦1,360 per litre, down from the previous range of ₦1,360 to ₦1,370 per litre.
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