Lagos, Nigeria – The Independent Marketers Association of Nigeria (IPMAN) has appealed to the Federal Government for urgent intervention as petrol prices surged above N1,000 per litre. The price spike affects multiple states and threatens to worsen living costs for millions of Nigerians.
Okay News reports that IPMAN National President Abubakar Garima expressed concern in an interview on Saturday. He linked the rising pump prices to escalating tensions in the Middle East and their impact on global crude oil markets.
Premium Motor Spirit, commonly known as petrol, now sells above N1,000 (approximately $0.66 USD) per litre in parts of Lagos, Ogun, and Oyo states. This represents a significant burden for consumers in a country where the monthly minimum wage remains below N100,000.
Garima explained that Dangote Refinery currently struggles to secure crude oil at affordable rates due to the Middle East crisis. He noted that other depots are selling at similarly elevated prices, leaving marketers with limited options.
The IPMAN president specifically requested government relief for Dangote Refinery. He argued that reducing crude oil costs for the facility would enable lower prices at fuel stations nationwide.
Garima suggested that authorities should not base crude pricing for Dangote on prevailing global rates. He emphasized that such relief is necessary given the current economic situation facing ordinary Nigerians.
Some depots are currently selling petrol at N1,000 or N1,010 per litre. Transportation costs add further increases, pushing retail prices to N1,050 or N1,030 in the South-West region.
Northern states face even higher prices due to longer supply chains. Garima indicated that petrol could reach N1,100 or N1,070 per litre in those areas.
Dangote Petroleum Refinery raised its gantry price to N995 per litre on Friday. This marked a N221 increase within just four days, reflecting volatility in global crude markets and shipping costs.
The adjustment followed an earlier increase from N874 per litre introduced earlier in the week. Some filling stations in Lagos and Ogun have shut down entirely, compounding difficulties for motorists and consumers.
Global oil prices have climbed sharply due to ongoing military conflict involving the United States, Israel, and Iran. Iran has launched missile attacks on energy facilities in the United Arab Emirates, Saudi Arabia, and Qatar.
Major financial institutions have issued stark forecasts. JPMorgan and Goldman Sachs predict prices could exceed $100 per barrel and potentially reach $150 if the Strait of Hormuz remains blocked for several weeks.
The International Monetary Fund has warned that sustained oil price increases could push global inflation upward by 40 basis points. This scenario would further strain economies already grappling with elevated costs.
 has appealed to the Federal Government for urgent intervention as petrol prices surged above N1,000 per litre. The price spike affects multiple states and threatens to worsen living costs for millions of Nigerians.){kind=link}