Independent fuel marketers have threatened a nationwide strike and closure of filling stations if the Federal Government attempts to implement petrol price control in Nigeria. The Independent Petroleum Marketers Association of Nigeria (IPMAN) issued this warning following remarks from the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who stated that deregulation does not allow marketers to exploit consumers through unfair pricing or excessive profiteering.

The dispute stems from public dissatisfaction over high domestic fuel costs despite a significant drop in global crude oil prices. Government regulatory bodies, including the Federal Competition and Consumer Protection Commission (FCCPC), expressed worries that local retail rates have failed to mirror international market declines. While the government maintains it has a legal duty under the Petroleum Industry Act (PIA) to protect citizens from exploitation, marketers argue that enforcing any petrol price control in Nigeria contradicts the principles of a deregulated economy.

According to IPMAN, marketers are currently incurring heavy financial losses due to rapid price adjustments by local refineries and a lack of robust market competition. They noted that many businesses operate on fixed-interest bank loans, making forced price reductions unsustainable without addressing underlying supply-side challenges. Stakeholders, including the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), have urged the minister to convene an urgent meeting to resolve the pricing standoff through dialogue rather than unilateral regulatory enforcement.

The post Marketers Threaten Nationwide Fuel Shutdown Over Price Control Fears appeared first on Housing TV Africa.

Petrol prices may soon decline to around N1,200 per litre as the Dangote Petroleum Refinery and other depot operators continue to reduce ex-depot rates following a sharp drop in global crude oil prices.

The development comes after the Dangote Refinery announced a N75 reduction in its petrol gantry price, lowering the rate from N1,250 per litre to N1,175 per litre.

According to industry data, the adjustment has prompted other depot owners to cut their prices to about N1,180 per litre, signaling a potential reduction in retail pump prices across the country.

In a circular issued to marketers, the refinery attributed the price cut to easing tensions in the Middle East, which had previously pushed energy prices higher.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the refinery stated.

The company also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215, with the new rates taking effect from June 16, 2026.

Despite the reduction at the depot level, many filling stations are still selling petrol at around N1,280 per litre, as marketers seek to clear existing stocks purchased at higher prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said consumers should expect pump prices to begin adjusting within days as new supplies enter the market.

According to him, petrol could sell for between N1,200 and N1,250 per litre in Lagos, while prices in other parts of the country may remain slightly higher due to transportation and logistics costs.

“This announcement is enabling people who have old stocks to clear out their stocks and prepare to take fresh supplies. By tomorrow and Friday, people will start adjusting to the new price,” he said.

Ukadike explained that marketers cannot immediately reduce prices without incurring losses on existing inventory purchased before the latest adjustment.

The latest reduction follows a significant decline in international crude oil prices after reports of a peace agreement between the United States and Iran and the reopening of the Strait of Hormuz.

Global oil benchmark Brent crude reportedly fell from about $87 per barrel to below $80 per barrel after the agreement, easing pressure on fuel markets worldwide.

During the three-month geopolitical crisis, crude prices surged above $100 per barrel and, at some points, exceeded $120 per barrel, contributing to higher fuel prices in Nigeria.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), however, raised concerns that imported petroleum products appear cheaper than some locally refined products and called for increased competition in the downstream sector.

Meanwhile, industry observers believe further reductions may occur if crude oil prices continue their downward trend.

Some analysts have projected that petrol prices could fall below N1,000 per litre in the coming weeks if the ceasefire agreement remains effective and global oil markets remain stable.

A refinery official, however, noted that further reductions may take time because refiners are still processing crude oil purchased at previously higher prices.

The post Dangote Refinery Cuts Petrol Price as Marketers Predict Drop to N1,200 Per Litre appeared first on Housing TV Africa.

Petroleum marketers have warned that the price of Premium Motor Spirit (PMS), popularly known as petrol, could rise to nearly ₦2,000 per litre if the ongoing conflict in the Middle East continues.

The warning was issued by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), which said the crisis could also push the price of diesel close to ₦3,000 per litre.

Billy Gillis-Harry, the national president of PETROAN, raised the concern while delivering a keynote address titled “Deconstructing Energy Trilemma” at an event organised by Ignatius Ajuru University of Education in Port Harcourt.

Rising fuel prices linked to global crisis

Gillis-Harry said the conflict in the Middle East is already affecting petroleum product prices globally, with Nigeria also experiencing sharp increases in fuel costs.

According to him, petrol previously sold at around ₦774 per litre before the crisis but has now risen to above ₦1,000 per litre, representing an increase of about 30 percent.

He also noted that Automotive Gas Oil (AGO), commonly known as diesel, which earlier sold for about ₦950 per litre, has climbed to over ₦1,400 per litre—an increase of nearly 49 percent.

He warned that continued price increases could worsen inflation and deepen economic hardship for Nigerians.

Impact on economy and households

The PETROAN president cautioned that higher fuel prices would significantly affect transportation costs and the prices of goods and services across the country.

He said sustained increases could also lead to job losses and further strain businesses already facing economic pressure.

According to him, the situation could escalate if the geopolitical tensions continue to disrupt global oil supply routes and energy infrastructure.

Call to revive local refineries

Gillis-Harry urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to urgently strengthen Nigeria’s domestic refining capacity to reduce the country’s exposure to global market shocks.

He specifically called on the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, to ensure the immediate resumption of production at Nigeria’s government-owned refineries.

According to him, priority should be given to the Port Harcourt Refinery, particularly the Area 5 Plant, and the Warri Refinery.

Both facilities had previously resumed operations briefly before shutting down again for profitability assessments.

Global oil supply under threat

Gillis-Harry explained that the ongoing conflict involving Israel, the United States and Iran is increasing pressure on global oil markets.

He noted that continued drone and missile attacks are threatening critical oil routes and infrastructure, creating uncertainty in global energy supply chains.

“With no clear end to the conflict, petroleum product prices in both international and domestic markets are expected to rise sharply in the coming days,” he warned.

Local refining key to energy security

According to him, rehabilitating Nigeria’s refineries remains essential for ensuring energy security and reducing dependence on imported petroleum products.

He stressed that Nigeria has significant crude oil resources under the custody of NNPC Ltd., which could be used to support domestic refining.

He also noted that government-owned refineries are generally less vulnerable to global supply disruptions compared to privately owned refineries that may depend on imported crude.

Despite the current challenges, Gillis-Harry expressed optimism that ongoing economic reforms under President Bola Ahmed Tinubu would eventually improve the country’s economic outlook.

The post Middle East Crisis Could Push Petrol Price to N2,000 Per Litre – PETROAN appeared first on Housing TV Africa.