The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a new agreement with Dangote Petroleum Refinery that could lead to a reduction in petrol prices nationwide.
IPMAN’s National President, Abubakar Garima, revealed the agreement during a press briefing in Abuja, following a meeting of the association’s National Working Committee.
Under the new arrangement, IPMAN will now source PMS (Premium Motor Spirit), AGO (Automotive Gas Oil), and DPK (Dual Purpose Kerosene) directly from Dangote Refinery.
Garima stated that this direct access to products would ensure a steady and affordable fuel supply for Nigerians, ultimately driving down costs at the pump.
He said, “Following our recent meeting with Alhaji Aliko Dangote and his top management staff in Lagos, we are pleased to announce that Dangote Refinery has obliged IPMAN to lift PMS, AGO, and DPK directly for onward supply to IPMAN depots and retail outlets.”
“This new arrangement with the Dangote refinery will ensure a steady and ceaseless supply of PMS products all over Nigeria at an affordable rate for Nigerians also.”
Garima encouraged IPMAN members to support the Dangote Refinery, emphasising the broader economic benefits. “All IPMAN members should fully support the Dangote refinery, as it’s the ideal thing to do considering the monumental benefits of backward integration and the medium to long-term impact it will have on the Foreign Exchange markets in Nigeria,” he said.
He further added that using domestic refineries aligns with President Bola Tinubu’s Renewed Hope Agenda, fostering job creation and economic stability.
Garima also mentioned that IPMAN is preparing for a gradual transition to nationwide CNG (compressed natural gas) refill stations, facilitated by ongoing discussions with the presidential CNG initiative. This shift aligns with the government’s push toward cleaner energy options.
Meanwhile, IPMAN’s Executive Secretary explained the variability in petrol landing costs, citing factors like import volume, location, exchange rates, and logistics. “If you read our bulletin, there is not one landing price for the whole country,” he said, adding that economies of scale and the exchange rate play significant roles.
“Some marketers are landing below N917, but the vast majority who don’t enjoy the benefits of economies of scale will land significantly above that. What this teaches is that it is a free and open market. It’s how you buy that you sell. There is no one price.”
In conclusion, IPMAN’s new direct access to Dangote Refinery’s products promises to make petrol more affordable and available across Nigeria, potentially leading to reduced pump prices shortly.
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