Oil marketers have accused major fuel importers, including AA Rano and Matrix, of fixing the price of imported petrol at about N1,350 per litre. This price point is significantly higher than the rates offered by Dangote Petroleum Refinery.
Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed these allegations during a discussion with Nairametrics. Ukadike argued that the recent import licences issued to major marketers, intended to moderate domestic fuel prices, have failed to achieve their objective.
His comments emerge amid reports that marketers have slowed large-scale fuel loading. They are awaiting clarity on Dangote Refinery’s new pricing template and the cost of newly imported products.
Ukadike urged the Federal Government to address concerns regarding price volatility, the issuance of import licences, and the sale of petroleum products in United States dollars. He stated that the import licenses given to companies like AA Rano and Matrix are attempting to peg petrol prices at N1,350, which is far higher than Dangote's selling price.
He further questioned the quality of these imported products and the rationale behind their higher pricing. Ukadike warned that continued price volatility would create further uncertainty for independent marketers.
According to Ukadike, increased fuel importation is also exerting additional pressure on Nigeria’s foreign exchange market, with the exchange rate nearing N1,400 to the United States dollar. He called on the Federal Government to engage Dangote Petroleum Refinery to ensure the continuation of crude oil sales in naira, which would support lower domestic fuel prices.
Ukadike highlighted that international PLATTS pricing for imported petroleum products is about 20% higher than the prices offered by Dangote Refinery, rendering imports less competitive. He argued that importing products from Lomé at elevated prices unnecessarily increases demand for foreign exchange and further pressures the naira.
He also opposed what he termed the indiscriminate issuance of import licences, cautioning that this could ultimately result in higher petrol prices for consumers. Ukadike maintained that sustaining domestic refining and naira-denominated crude supply would be more beneficial to Nigeria’s energy market than relying on expensive imports.
Earlier in July 2026, the Federal Government convened a stakeholders’ meeting with Dangote Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and other key players in the downstream petroleum sector. The meeting aimed to discuss fair reductions in petrol prices nationwide.
This meeting followed a directive from the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urging marketers to reduce pump prices in line with the recent decline in global crude oil prices. Participants included representatives from TotalEnergies, Eterna, Matrix Energy, the Depot and Petroleum Products Retailers Association of Nigeria (DPRP), the Major Energy Marketers Association of Nigeria (MEMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), IPMAN, and the Nigerian Association of Road Transport Owners (NARTO).
Officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) were also present to discuss pricing, competition, and broader developments in the downstream petroleum market. This meeting forms part of the Federal Government’s efforts to promote a more competitive downstream sector while ensuring that domestic fuel prices reflect prevailing market realities.
