IPMAN said Nigeria should review recently issued petroleum import licences, arguing they are worsening fuel price volatility and adding pressure on the naira.
N1,350 per litre is the current landing cost of imported petrol, the group said, about 20% above Dangote Refinery’s price, making imports economically counterproductive.
N1,400 to the dollar is where IPMAN said the naira has weakened, linking fresh import demand and dollar-denominated fuel sales to higher pump prices nationwide.
Dangote’s start-up has ended the chronic fuel scarcity seen under heavy import dependence, IPMAN said, urging stronger backing for local and state-owned refining to improve energy security and preserve foreign exchange.