Fuel price hike announced

THE Independent Petroleum Marketers Association of Nigeria has announced that its members would effect a petrol price hike nationwide as Dangote Refinery suspended sales of petrol in Naira.

The National President of IPMAN, Abubakar Maigandi, disclosed in an interview on Saturday.

He confirmed that the 650,000-barrel-per-day refinery, on Friday, sent an email to its customers, including marketers, informing them of the suspension of petrol sales in Naira with effect from Sunday, 28th September 2025.

According to him, the implication is that fuel pump prices would go up from their current N865 and N910 per litre in Lagos and Abuja.

He said the new price template would be effective from Monday, 29th September, if the Federal Government does not address the Naira-for-crude-oil allocation with Dangote Refinery.

“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.

Earlier, it is reported that Nigerians may witness a fuel price hike in the coming days as Dangote Refinery suspended petrol sales in Naira.

The company had cited exhaustion of its crude-for-Naira allocation. This is coming at a time when Dangote Refinery is embroiled in a fresh fight with the Petroleum and Natural Gas Senior Staff Association of Nigeria over the unjust sacking of 800 workers.

Naira for crude sale

The Naira-for-crude agreement between Dangote Refinery and the Nigerian government came into effect on October 1, 2024.

The Federal Government, in April 2025, declared that the initiative, which is intended to bring down the cost of production for the refinery and, by extension, impact the price of petrol, would continue indefinitely.