The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Dangote Petroleum Refinery to reduce the price of Premium Motor Spirit (petrol) below the latest price .

Speaking to journalists, IPMAN’s Publicity Secretary, Chinedu Ukadike, said the refinery had all the right conditions to sell petrol at a lower rate than its current ex-depot price.

Ukadike was reacting to recent remarks by Dangote Group President, Aliko Dangote, who stated that Nigerians now pay only about 55% of what citizens of other West African countries spend on petrol, thanks to the local refining capacity.

Dangote, during a meeting with ECOWAS officials and President Bola Tinubu, credited the Federal Government’s naira-for-crude policy with helping to lower the cost of refined fuel products.

Ukadike acknowledged the comparative advantage for Nigerians but insisted that petrol should sell for around N750 per litre, considering Nigeria’s position as a crude oil-producing nation.

“I agree that petrol is cheaper in Nigeria than in other West African countries. Notwithstanding, those African countries Dangote was comparing us with are not crude oil-producing countries,” Ukadike said.

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“We’re a crude oil-producing state. PMS should be far lower as the President has also decided to give him crude in naira. So, most of the foreign exchange brouhaha and the exchange costs (are no more there), we should also enjoy it as Nigerians.”

He praised Dangote for solving the fuel availability crisis but urged the Federal Government to focus on strengthening the naira to bring prices further down.

“What I believe he (Dangote) has conquered for Nigerians is availability. On price, we’ll still get there. Once the government works very hard to ensure that the rate of naira to the dollar is reduced and the strength of our naira is stable, you’ll find out that the price will go down. This is another factor that determines the price of petroleum products,” he noted.

When asked directly if he considered the current petrol price from the refinery to be cheap, Ukadike replied, “Well, I’m not saying it’s cheap enough in line with the facilities, amenities and the enabling environment that have been given to him.”

“For me, I don’t feel it’s cheap. I think the petrol will go as low as around N770. That’s my own permutation. I’m not an expert in oil refining. But with what I have gathered — the refinery production costs and the landing at the depot cost — petrol should not be more than N780, N750, in line with the dollar rate.”

He added that a further appreciation of the naira would likely push prices even lower.

“I don’t know how much the dollar will go down, so I cannot forecast. The dollar is around N1,600 now. So, if the dollar can come down to N1,200, I want to tell you that the price of PMS at the pumps will go below N750,” he added.

Meanwhile, Dangote told ECOWAS leaders last week that many Nigerians did not realize they were paying significantly less for petrol than neighbouring countries.

“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol,” he noted.

During President Tinubu’s recent visit to the facility, Dangote again emphasized how the naira-for-crude arrangement was helping to keep prices stable.

He also highlighted the broader economic benefits of local refining, particularly citing the dramatic drop in diesel prices since production began.

“Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching,” he said.

As of the time this report was filed, the Dangote Refinery’s spokesperson, Tony Chiejina, had yet to respond to IPMAN’s comments.