The Independent Petroleum Marketers Association of Nigeria, IPMAN, has warned that the prices of petrol, diesel and other petroleum will go up as the Dangote Refinery commences the sale of refined products in dollars.
IPMAN spokesperson, Chinedu Ukadike, spoke in an interview with DAILY POST on Tuesday.
DAILY POST reports that Dangote Refinery has suspended sales of gantry-refined petroleum products, including fuel, in naira.
The move signaled a halt to the naira-for-crude sale arrangement with the Federal Government, which started on October 1, 2024.
Speaking on the implication of the development, Ukadike explained that what it means is that the price of fuel, diesel and other petroleum products from Dangote Refinery will now be determined by the prevailing exchange rate.
According to him, the new pricing template by the refinery will expose retail prices to exchange rate pressures and volatility.
Ukadike urged the Federal Government, especially the Presidential Committee on Naira-for-crude sales, to immediately intervene before fuel prices skyrocket.
“This policy is going to put very strong pressure on the dollar. And you will see the dollar also climbing up as crude oil is climbing.
“These are the two most influential commodities. These are the two most influential issues or concepts that normally trigger the price of domestic petroleum products in the pumps.
“The Federal Government should intervene immediately if this happens to be true,” Ukadike told DAILY POST in an interview on Tuesday.
DAILY POST reports that crude oil prices rose by nearly 10 percent on Monday amid heightened escalation of conflict in the Gulf region.
At the time of reporting, ex-depot petrol prices have remained flat at N1075 per liter for Dangote Refinery and between N1085 and N1170 per litre for depot owners such as Pinnacle, Integrated, African Terminal, and Ranoil.
For retail petrol pump prices stood between N1155 and N1205 per litre in Abuja and environs.
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