The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to review recently issued petrol import licences, saying imported fuel is now more expensive than locally refined products.

The call follows a report by the Major Energy Marketers Association of Nigeria (MEMAN) that the landing cost of imported petrol rose to ₦1,190.96 per litre as of July 16, driven by the weakening naira and rising global crude oil prices.

Reacting, IPMAN National Publicity Secretary, Chinedu Ukadike, said some importers were selling petrol for about ₦1,350 per litre, significantly higher than the price of fuel supplied by the Dangote Refinery.

Ukadike questioned the rationale behind issuing import licences when imported petrol costs about 20 per cent more than locally refined products, warning that continued imports would put additional pressure on the country’s foreign exchange reserves and the naira.

He urged the Federal Government and regulators to prioritise local refining by supporting the Dangote Refinery and government-owned refineries to ensure energy security, stable fuel supply and more affordable prices.

IPMAN also said strengthening domestic refining capacity would reduce dependence on imports, eliminate fuel shortages and create opportunities for petroleum exports and increased foreign exchange earnings.