The Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members will increase the pump price of petrol nationwide following the suspension of naira sales by the Dangote Petroleum Refinery.
IPMAN’s National President, Abubakar Maigandi, confirmed the development in an interview on Saturday. He said the refinery, in an email sent to marketers on Friday, announced that it would stop selling Premium Motor Spirit (PMS) in naira from Sunday, September 28, 2025.
According to him, the move means pump prices could rise above the current range of ₦865 to ₦910 per litre in Lagos and 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.
Dangote Refinery explained that it was suspending naira transactions due to the exhaustion of its crude-for-naira allocation. Customers with pending payments were advised to apply for refunds.
The refinery had briefly halted naira sales in March 2025 for the same reason, sparking concerns about dollarisation of the downstream sector and pushing petrol prices close to ₦1,000 per litre at the time.
The current suspension comes as the refinery faces industrial unrest, with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) accusing its management of sacking 800 workers unjustly.
The crude-for-naira arrangement between the Federal Government and Dangote Refinery took effect on October 1, 2024. In April 2025, the government announced that the initiative would continue indefinitely to help stabilise production costs and petrol prices.
