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 across multiple states.
IPMAN National President Abubakar Garima expressed concern in an interview on Saturday, linking the rising pump prices to escalating tensions in the Middle East and their impact on global crude oil markets.
Premium Motor Spirit now sells above N1,000 per litre in parts of Lagos, Ogun, and Oyo states, representing 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, noting that other depots are selling at similarly elevated prices.
The IPMAN president specifically requested government relief for Dangote Refinery, arguing that reducing crude oil costs for the facility would enable lower prices at fuel stations nationwide.
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Some depots are currently selling petrol at N1,000 or N1,010 per litre, with transportation costs 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, with Garima indicating 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, marking a N221 increase within four days and reflecting volatility in global crude markets.
The adjustment followed an earlier increase from N874 per litre introduced earlier in the week, with some filling stations in Lagos and Ogun shutting down entirely.
Global oil prices have climbed sharply due to ongoing military conflict involving the United States, Israel, and Iran, with Iran launching missile attacks on energy facilities in the UAE, Saudi Arabia, and Qatar.
Major financial institutions have forecast that 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, further straining economies already grappling with elevated costs.
