The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against the issuing of import licences to some companies for the purpose of importing petroleum products into the country.
In a voice note released to journalists, on Sunday, IPMAN National Publicity Secretary, Chinedu Ukadike, said the move would worsen price volatility of petroleum products in the country, as well as put unnecessary pressure on the naira.
Ukadike who spoke with regard to recent developments in the downstream sector of the petroleum industry.
He said independent marketers have studied the developments closely, especially price volatility, the import licencing regime, and the sale of petroleum products in dollar.
Why IPMAN Warns Against Issuing Import Licences
He disclosed that they came to the conclusion that the recent issuing of licences to some companies for the importation of petroleum products was not in the best interest of Nigerians.
The IPMAN Publicity Secretary, therefore, called on the Federal Government to look into the matter transparently through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with a view to reviewing the move.
According to him, the issuing of licences for the importation of petroleum products which was meant to serve as a check on the prices of domestically refined petroleum products, did not achieve the results expected by independent marketers.
He explained that the landing price of petrol is ₦1,350 or about 20 per cent higher than the price being sold by Dangote Refinery, arguing that it has made the importation of the product counterproductive.
He submitted that importing petroleum products at a higher cost than locally-available products does not make any economic sense.
Ukadike linked the granting of licences for the importation of petroleum products to recent pressure on the naira.
This, he said, led to the depreciation in the exchange rate of the currency to ₦1,400 to the dollar, noting that it, in turn, has affected the pump price of petroleum products across the country.
He further said the major gain Nigeria has recorded from local refining was a continuous, uninterrupted supply of petroleum products, something the country struggled with in the past when it depended heavily on imports.
“If we have a continuous, uninterrupted supply, our problem is pricing.
“Is it not better to sit down and see how this issue can be controlled than to sign unnecessary import licences that will further inflate the price of petroleum products in our country?,” he asked.
Ukadike called for stronger support for local refining capacity, including government-owned refineries alongside Dangote Refinery, describing this as necessary for the country’s energy security.
He counseled that Nigeria should prioritise its own refining capacity, rather than depend on imports.
He said that since Dangote Petroleum Refinery came on stream, scarcity of petroleum products, which was a perennial problem, has become a thing of the past.
He therefore urged the Federal Government to look inward and support the domestic refining of petroleum products to guarantee energy security, ensure sufficient local supply, and generate additional foreign exchange for the country through exports.
Recall that Dangote Petroleum Refinery had, on Monday, 13 July, 2026, ended pricing for Premium Motor Spirit (PMS), commonly known as petrol, fixing its ex-depot price at $0.779 per litre under a new dollar-based pricing framework for refined petroleum products.
The refinery, in a notice issued to other petroleum marketers and customers, stated that the change was from accepting naira to the USD for the sale of petrol, diesel, and aviation fuel.
With the official exchange rate of ₦1,380.50 to the USD, as at last week, the new reference point translated to approximately ₦1,075.61 per litre.
However, unlike the previous fixed naira pricing, the ex-depot price in naira will now fluctuate in line with movements in the Foreign Exchange market.
According to the notice signed by the refinery’s Group Commercial Operations, all previously issued naira-denominated Proforma Invoices (PFIs) and Deal Recaps for gantry and coastal transactions have become invalid.
It was stated: “Following our email on the 9th of July, 2026, regarding the transition from Naira to United States Dollars, please note that all issued Naira Coastal and Gantry PFIs/Deal Recaps are now invalid, and no payments should be made against them.
“The applicable USD prices for each product, effective today, July 13, 2026, are provided below.
“Under the new pricing schedule, petrol sold through the gantry will cost $0.779 per litre, Automotive Gas Oil (diesel) will sell for $1.087 per litre, while Aviation Turbine Kerosene (Jet A1) is priced at $0.942 per litre.
The refinery also fixed the price of coastal petrol deliveries at $1,044.62 per metric tonne.
It, however, clarified that the transition does not apply to Liquefied Petroleum Gas (LPG), noting that LPG transactions will continue under the existing arrangement.
