By Omodele Adigun
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has declared that its members will increase petrol prices nationwide following Dangote Refinery’s suspension of Premium Motor Spirit (PMS) sales in naira.
IPMAN National President, Alhaji Abubakar Maigandi, disclosed in an interview that marketers received an official email from the refinery on Friday evening announcing the suspension of naira transactions effective Sunday, 28th September 2025.
According to him, the immediate implication is an upward adjustment in petrol pump prices, moving above the current N865 per litre in Lagos and N910 per litre in Abuja. He said the new template would take effect from Monday, 29th September, unless the Federal Government addresses the crude-for-naira arrangement with Dangote Refinery.
“Yes, we received the email from Dangote Refinery on the suspension of Premium Motor Spirit sales in Naira on Friday evening. The implication is that our members will announce a fuel price increase. It may take effect from Monday if the Federal Government does not intervene,” Maigandi said.
The suspension follows the refinery’s announcement that its crude-for-naira allocation has been exhausted. The company explained that the inability to sustain naira sales for petrol forced the decision.
The development comes amid rising tensions at the refinery, where the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has accused management of unjustly sacking over 800 Nigerian workers.
The naira-for-crude agreement between Dangote Refinery and the Nigerian government took effect on 1st October 2024 and was extended in April 2025 as part of measures to keep petrol prices stable.
Stakeholders warn that the suspension, coupled with labour unrest, could worsen instability in the downstream oil sector and trigger fresh hardship for Nigerians already burdened by high fuel costs.
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