IPMAN assures lower petrol prices with direct Dangote Refinery lifting

Oil marketers have assured Nigerians that the price of Premium Motor Spirit (PMS), commonly known as petrol, will decrease once the direct lifting of the product begins from the Dangote Refinery.

This assurance follows a recent rise in fuel prices after the Nigerian National Petroleum Company Limited (NNPCL) started lifting products from the Dangote Refinery. Prices of petrol surged to ₦950 per litre in Lagos and ₦1,000 per litre in northern states.

Speaking on Channels Television’s Morning Brief, the Spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that discussions are underway for IPMAN to directly lift petrol from Dangote Refinery.

Ukadike stated, “It is just very simple. It shows that the liberalisation of the market is on course because there is no way Dangote refinery will be producing petrol in Nigeria without considering IPMAN as one of its strategic stakeholders… Immediately after we discuss and commence direct lifting of product from Dangote, the issue of pricing and differential in pricing will be gone. What we are seeing here is price disparity.”

He further noted that direct involvement of IPMAN would increase competition, leading to reduced prices for consumers across the country. Ukadike also cited the case of diesel, where IPMAN’s direct engagement with Dangote Refinery caused prices to drop from ₦1,600 to between ₦1,000 and ₦1,100 per litre.

READ ALSO: End petrol subsidy now to stabilise economy, Dangote tells FG

The oil marketers believe this approach will create a more balanced and competitive market for petrol in Nigeria.