Amid ongoing discussions regarding the procurement of petrol from Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has clarified that negotiations over lifting terms are still in progress.
Alhaji Aliko Dangote, the refinery’s president, has alleged that the Nigerian National Petroleum Company Limited (NNPCL) and other petroleum marketers are importing petrol from foreign refineries instead of sourcing it from his facility.
He noted that the refinery currently holds 500 million litres of petrol, which is more than enough to meet the country’s domestic needs.
In response, IPMAN’s Public Relations Officer, Chinedu Ukadike, informed Vanguard that independent marketers have not yet begun purchasing directly from Dangote Refinery.
He emphasized that discussions with the refinery are ongoing, stating, “We haven’t received products from Dangote Refinery yet, but the processes are underway, and I’ll update you once they’re finalized.”
Ukadike further mentioned that the product is not yet available to independent marketers, suggesting that Dangote may be implementing a strategic marketing approach. “Our discussions are progressing,” he added.
Additionally, he addressed the recent increase in petrol prices by NNPCL, stating that such changes should not have caught the public off guard, as they are influenced by market dynamics.
“People shouldn’t be surprised. Deregulation is driven by demand and supply factors, and your supply source will dictate the selling price,” he explained.
Despite a recent ₦30 per litre increase (a 3% rise) to ₦1,060 per litre in Abuja, many marketers have maintained their prices for October 2024.
An inspection by Vanguard in the capital revealed that major companies like Conoil and TotalEnergies continued selling petrol at ₦1,109, while others, such as NIPCO (₦1,115), Adova Plc (₦1,125), and most independent marketers (₦1,150-₦1,230), have kept their prices unchanged since the start of the month.
Earlier, NNPC had raised petrol prices by 14.8% on October 9, 2024, increasing the rate from ₦897 to ₦1,030 per litre following the Federal Government’s decision to eliminate the petrol subsidy.
This hike was unexpected, especially after hopes that the “crude-for-Naira” agreement between the Federal Government and Dangote Refinery would lead to lower pump prices starting October 1, 2024.
This recent price increase follows a significant jump on September 3, 2024, when NNPC raised petrol prices by 45%, from ₦617 to ₦897 per litre.
