Dangote Refinery, IPMAN To Discuss Fuel Price Cuts

Officials of Independent Petroleum Marketers Association of Nigeria (IPMAN) are to engage Dangote Refinery this week on the prospect of direct purchase of Premium Motor Spirit (PMS), commonly known as petrol, at reduced prices it has emerged.

IPMAN’s spokesperson, Chief Chinedu Ukadike who revealed this also expressed optimism among members about the start of direct fuel procurement from Dangote.

Ukadike mentioned that despite Dangote’s initiation of petrol distribution, effective distribution remains a challenge in the nation’s oil and gas sector.

He stated, “There is a meeting scheduled for this week between Dangote and IPMAN. We are happy that Dangote has set on a new course in terms of looking to other stakeholders to distribute its products. It is now distributing to major marketers, and we are hopeful that, with time, it will start distributing to independent marketers.”

His statement comes as the Nigerian National Petroleum Company Limited’s outlets and independent filling stations are selling petrol at prices ranging from ₦950 to ₦1,100, depending on the region, following the distribution of Dangote Fuel.

In light of this situation, the Crude Oil Refiners Association of Nigeria (CORAN) has urged the Nigerian Government to implement a fixed exchange rate of ₦1000 per dollar. This, they believe, would help reduce the price of petrol from Dangote Refinery to below ₦600 per litre.

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