IPMAN Will Buy Petrol From Dangote Refinery If…

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed its readiness to purchase Premium Motor Spirit (PMS), commonly known as petrol, from Dangote Refinery, provided the price is competitive and lower than current market rates.

Speaking on behalf of IPMAN, the association’s president, Abubakar Maigandi, emphasized that while his members are open to patronizing Dangote Refinery, they are yet to receive details regarding the pricing of petrol from the facility. He noted that IPMAN is scheduled to meet with Dangote Refinery to discuss potential business opportunities.

“We are fully prepared to buy petrol from Dangote Refinery, as long as the price is not higher than what we are currently paying elsewhere,” Maigandi stated. “After discussions with our members, we are eager to do business with them, and there is no reason for us to boycott Dangote products if the price is favorable.”

Maigandi highlighted that the Nigerian National Petroleum Company Limited (NNPCL) currently serves as the sole importer of PMS, selling the product to marketers at an average rate of N875 per liter. This price, however, fluctuates slightly, with final sale prices to consumers ranging between N930 and N940 depending on the supply chain. Depot prices, on the other hand, can go as high as N990 per liter.

He added, “We are marketers, and we will always go where we can get the best price. In a letter from Dangote Refinery, we were informed that PMS is ready, but the price was not mentioned. If their price is cheaper, we will definitely buy from them.”

GWG.ng reports that Maigandi’s comments come in response to statements made by Edwin Devakumar, Vice President of Dangote Industries Limited, during a Twitter Space session hosted by Nairametrics. Devakumar had accused local petroleum marketers of largely boycotting Dangote Refinery’s petrol, despite offering competitive pricing. He noted that only 3% of local marketers had shown interest in purchasing petrol from the refinery.

In conclusion, Maigandi dismissed any notion of a boycott, reiterating IPMAN’s openness to sourcing fuel from Dangote Refinery if the pricing proves to be advantageous. He emphasized that the association has no issue with the refinery and looks forward to working together if the price conditions are met.
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