From Naira to Scarcity: Why Fuel prices May soar next week

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that its members will implement a nationwide petrol price hike following Dangote Refinery’s suspension of petrol sales in Naira.

National President of IPMAN, Abubakar Maigandi, confirmed the development in an interview with DAILY POST on Saturday. He revealed that the 650,000-barrel-per-day refinery, on Friday, notified its customers—including marketers—via email that it would suspend sales of Premium Motor Spirit (PMS) in Naira effective Sunday, September 28, 2025

According to him, the move means pump prices could rise from the current N865 per litre in Lagos and N910 per litre 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,” Maigandi said.

The new pricing template, he noted, will be activated on Monday, September 29, unless the Federal Government resolves the refinery’s crude-for-Naira allocation issue.

Dangote Refinery had explained that its decision followed the exhaustion of its crude-for-Naira allocation, an arrangement introduced on October 1, 2024, to stabilize production costs and reduce pump prices. The Federal Government had earlier assured in April 2025 that the initiative would continue indefinitely.

This development comes amid a deepening crisis at the refinery, which is currently embroiled in a dispute with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the dismissal of 800 workers

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