By JKNewsMedia
SUSPENSION OF Premium Motor Spirit transactions in naira by Dangote Refinery has set the stage for a nationwide increase in petrol pump prices, the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed on Friday.
National President of IPMAN, Alhaji Abubakar Maigandi, disclosed that members of the association were formally notified through an email from the refinery announcing the suspension, which takes effect on Sunday, 28 September 2025.
He stated that the immediate impact would be an upward adjustment in pump prices beginning Monday, 29 September, unless the Federal Government restores the crude-for-naira arrangement with the refinery.
Current prices stand at N865 per litre in Lagos and N910 per litre in Abuja, but Maigandi warned that marketers have no option but to reflect the suspension in their pricing structure.
“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.
The refinery explained that the suspension followed the exhaustion of its crude-for-naira allocation, noting that it was no longer possible to sustain naira-based sales of petrol.
The decision is also said to come at a time when the refinery is facing internal disputes, with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) accusing management of unfairly terminating the employment of more than 800 Nigerian workers.
The crude-for-naira supply arrangement between the Federal Government and Dangote Refinery began on 1 October 2024 and was extended in April 2025 as part of efforts to stabilise petrol prices and shield consumers from further hikes.
Industry stakeholders have further warned that the suspension of naira sales, coupled with labour unrest within the refinery, could aggravate instability in the downstream oil sector.
They cautioned that Nigerians, already weighed down by high fuel costs, may face renewed hardship if the Federal Government does not provide urgent intervention.
