Independent petroleum marketers have renewed calls for the restoration of fuel import licences, arguing that broader access to international fuel supplies could push the retail price of Premium Motor Spirit (PMS), commonly known as petrol, below ₦800 per litre.
The demand comes as the Federal Government engages industry stakeholders to examine why domestic petrol prices have remained elevated despite recent declines in global crude oil prices. The discussions reflect growing concerns over fuel affordability and the effectiveness of pricing mechanisms in Nigeria’s deregulated downstream petroleum market.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, said the association believes greater competition in fuel sourcing would translate into lower prices for consumers.
According to him, independent marketers have already reduced pump prices by about ₦125 per litre across several parts of the country and remain prepared to implement further cuts if market conditions improve.
“At any time there is a reduction in price, we are ready to reduce the price to even below ₦800 per litre,” Maigandi said, noting that the final retail price would depend largely on the cost of products supplied by depot owners and the Dangote Refinery.
Maigandi reiterated IPMAN’s support for Nigeria’s expanding domestic refining capacity but maintained that fuel importation should remain available as a complementary supply option. He argued that allowing qualified independent marketers to import petroleum products directly would improve competition, strengthen supply security and reduce dependence on a limited number of suppliers.
“If we request importation, let IPMAN import by themselves,” he said, stressing that a competitive market would ultimately benefit consumers through more efficient pricing.
The renewed appeal follows a significant development in the downstream sector after the Dangote Refinery commenced direct sales of petroleum products to independent marketers. Industry participants have described the arrangement as a major milestone capable of improving product availability and reducing distribution bottlenecks.
However, marketers argue that direct access to locally refined products alone may not be sufficient to guarantee sustained price reductions. They contend that restoring fuel import licences would provide additional flexibility whenever international market conditions make imported fuel more cost-effective than local supplies.
The Federal Government suspended the issuance of new import licences earlier this year as part of efforts to encourage local refining and reduce Nigeria’s dependence on imported petroleum products.
Industry analysts say the outcome of the ongoing consultations could shape the next phase of Nigeria’s downstream petroleum market. A policy that balances support for domestic refining with carefully managed import competition may enhance market efficiency, improve price transparency and offer consumers greater relief as businesses and households continue to grapple with high energy costs.
