IPMAN to Discuss Petrol Agreements with Dangote Refinery
Written by Agboola Oluwafemi on October 14, 2024
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to meet with Dangote Petroleum Refinery on Tuesday and Wednesday to finalize agreements on petrol pricing and lifting from the $20 billion Lekki-based facility.
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has been asked to resend its application for petrol lifting, expressing optimism that competition in the downstream oil sector will lead to price reductions.
IPMAN described the planned agreement with Dangote as crucial for enhancing the stability of Nigeria’s fuel supply chain. Recently, the Federal Government granted marketers permission to lift petrol directly from Dangote, bypassing the Nigerian National Petroleum Company Limited (NNPC).
Chinedu Ukadike, IPMAN’s National Publicity Secretary, noted that the association has secured tank farms to improve storage and is ready to engage with Dangote. He stated, “We are prepared to off-take whatever Dangote offers us.”
Billy Gillis-Harry, President of PETROAN, confirmed that they have been asked to resend their request and are awaiting a meeting with Dangote. He added, “Prices could drop to N700/litre, depending on market conditions.”
Ukadike mentioned that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a bulk purchase license to independent marketers, promoting healthy competition. He also highlighted the financial strain on marketers due to high operational costs, calling on the government to create an energy bank for support.
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Author: Agboola Oluwafemi
Marketing Expert
