The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that Nigerians should prepare for a potential increase in petrol prices, following the suspension of Naira transactions by the Dangote Refinery.
The association’s National President, Abubakar Maigandi, confirmed to Daily Post on Saturday that the refinery formally notified its customers via email on Friday of its decision to halt sales of Premium Motor Spirit (PMS) in Naira effective Sunday, September 28, 2025.
According to Maigandi, the implication of the decision is that fuel pump prices will climb beyond their current range of ₦865 per litre in Lagos and ₦910 in Abuja.
“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,” he said.
He warned that without urgent talks between the Federal Government and Dangote Refinery on restoring the Naira-for-crude-oil allocation, the new price template would take effect from Monday, September 29.
It was had earlier reported that Dangote Refinery suspended sales in Naira after exhausting the allocation granted under the crude-for-Naira agreement with the Federal Government.
The pact, introduced on October 1, 2024, allowed the 650,000-barrel-per-day plant to purchase crude in Naira rather than foreign exchange to ease operations and stabilise local pump prices.
The initiative was extended indefinitely in April 2025, with the Federal Government assuring Nigerians that it would lower production costs and reduce petrol prices.
The suspension of Naira transactions comes amid fresh tension between the refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), following allegations that over 800 Nigerian workers were unjustly sacked.
The dispute has raised fears of further disruption to the domestic petrol supply.
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