The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to finalise discussions with the Dangote Petroleum Refinery on the cost and lifting of petrol between Tuesday and Wednesday, as part of efforts to stabilise fuel prices. The refinery has also requested the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) to resend its request for petrol lifting....For More READ THE FULL STORY▶▶
IPMAN’s National Publicity Secretary, Chinedu Ukadike, confirmed the talks and expressed optimism that petrol prices could reduce once competition in the downstream sector intensifies.
“We hope to sit down with Dangote maybe Tuesday or Wednesday, and if they give us a template or price, we will move to Dangote,” Ukadike said in an interview with Arise TV. He noted that the association has acquired additional tank farms to support efficient distribution.
Meanwhile, PETROAN President Billy Gillis-Harry also highlighted ongoing discussions with the refinery. “We have written to them several times… One of the executive directors there called me to say that they are going to set up a meeting with us, so we are waiting for that to happen,” he told The PUNCH. Gillis-Harry expressed optimism about the outcome and the potential for more affordable petrol prices.
The anticipated deal comes after the federal government permitted marketers to lift petrol directly from local refineries, bypassing the Nigerian National Petroleum Company Limited (NNPC). Finance Minister Wale Edun explained, “Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency.”
Ukadike further revealed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a bulk purchase licence for independent marketers, allowing them to off-take from the Dangote refinery. He also shared hopes for an import licence to ensure further deregulation.
While addressing concerns about the high costs of lifting products, Ukadike called for government support in creating an energy bank to help marketers manage interest rates.
“We are working with security agencies to ensure that products are not stolen out of this country, and products meant for independent marketers go to their stations,” he added.
Ukadike emphasised the challenges marketers face, noting that buying a 45,000-litre truck of petrol now costs nearly ₦50 million, compared to ₦8.1 million before the subsidy removal. “How many people can survive that?” he questioned. Both associations remain hopeful that direct access to Dangote refinery products will help bring down petrol prices and improve market stability....For More READ THE FULL STORY ▶▶
