Oil marketers have assured Nigerians that the prices of Premium Motor Spirit (PMS) or petrol are expected to decrease once they begin direct product lifts from the Dangote Refinery.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said, during an appearance on Channels Television’s Morning Brief that marketers are currently in discussions with the refinery about potentially lifting petrol directly.
“It’s straightforward. The liberalization of the market is progressing, as there’s no way the Dangote Refinery would produce petrol in Nigeria without recognizing IPMAN as a key stakeholder,” he said.
This assurance follows a surge in prices linked to the commencement of product lifting by the Nigerian National Petroleum Company Limited (NNPCL) from the Dangote Refinery. In Lagos and its surrounding areas, petrol prices have skyrocketed to ₦950 per litre, while consumers in the northern regions are paying as much as ₦1000 per litre.
“We had anticipated that one of the first steps would be to engage with IPMAN rather than the NNPCL, given that we are capable of distributing every single drop of the products produced by the Dangote Refinery, thanks to our presence in every part of the country and our ownership of approximately 85 percent of filling stations in Nigeria,” he said.
“It is crucial for Dangote to consult with independent marketers. Once we finalize discussions and begin direct lifting from Dangote, the issue of pricing and price disparities will be resolved. The current situation reflects price inconsistencies.
“However, if IPMAN operates independently, prices will decline. This will allow for potential competition, eliminating our reliance on external sources for products.
“Dangote also collaborated with IPMAN when he began producing AGO (diesel). We entered the market and started purchasing it, resulting in a drop in AGO prices from around ₦1600 to between ₦1000 and ₦1100.
“This is a deregulated economy, and all stakeholders and players deserve equal opportunities.”
