The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that negotiations with Dangote Refinery are underway for the lifting of petrol.
This comes amid allegations by the Refinery’s boss, Aliko Dangote that the Nigerian National Petroleum Company Limited (NNPCL) and other marketers are importing petrol from outside the country.
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Dangote had claimed that his refinery has 500 million litres of petrol in storage, sufficient for domestic needs.
However, IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, stated, “We haven’t received products from Dangote Refinery yet, but the processes are underway, and I’ll update you once they’re finalized.”
“The product isn’t available to independent marketers yet. I think he (Dangote) is adopting a systematic marketing approach, but our discussions are progressing,” Ukadike told Vanguard.
READ ALSO: Stop Fuel Imports, We Have 500m Litres In Stock – Dangote To NNPCL, Importers
Meanwhile, IPMAN attributed the recent hike in petrol prices to market forces, citing deregulation driven by demand and supply factors.
Ukadike noted, “People shouldn’t be surprised. Deregulation is driven by demand and supply factors, and your supply source will dictate the selling price.”
Despite NNPCL’s 3% price hike to N1,060 per litre, marketers in Abuja have largely maintained their October prices, ranging from N1,109 to N1,230 per litre.
This development follows previous price increases, including a 14.8% hike on October 9, 2024, and a 45% jump on September 3, 2024, contradicting expectations that the “crude-for-Naira” deal between the Federal Government and Dangote Refinery would reduce pump prices starting October 1, 2024.
