The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a meeting with Dangote Refinery this week to discuss the direct procurement of Premium Motor Spirit (PMS), commonly known as petrol, and explore potential price reductions. Chief Chinedu Ukadike, IPMAN’s spokesperson, shared this information, expressing optimism about the possibility of initiating direct petrol lifting from Dangote.
Despite the commencement of petrol distribution by Dangote, Ukadike acknowledged that effective distribution remains a challenge within Nigeria’s oil and gas sector. He stated, “We are pleased that Dangote is looking to engage with other stakeholders for product distribution. It is currently supplying major marketers, and we hope it will soon extend its distribution to independent marketers.”
Recent reports indicate that petrol prices at retail outlets, including those of the Nigerian National Petroleum Company Limited and various independent filling stations, range from ₦950 to ₦1,100, depending on the region, following the lifting of Dangote Fuel.
In light of these developments, the Crude Oil Refiners Association of Nigeria (CORAN) has urged the Nigerian government to establish a fixed foreign exchange rate of ₦1000 per dollar to help lower petrol prices from the Dangote Refinery to below ₦600 per litre.
Written By; Christopher Emuakpeje