In light of a recent controversy regarding the lifting of petrol from Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that negotiations with the refinery concerning the lifting terms are still in progress.
Recently, Alhaji Aliko Dangote, the president of the Dangote Refinery, claimed that the Nigerian National Petroleum Company Limited (NNPCL) and other petroleum marketers have been importing petrol from foreign refineries while neglecting to utilize his facility for product lifting.
Dangote further stated that his refinery currently holds 500 million litres of petrol in storage, which is adequate to meet domestic demand.
However, Chief Chinedu Ukadike, the Public Relations Officer of IPMAN, informed journalists that independent marketers have not yet initiated direct sourcing from the Dangote Refinery, emphasizing that discussions with the refinery are ongoing.
“We haven’t received products from Dangote Refinery yet, but the processes are underway, and I’ll update you once they’re finalized.
“The product isn’t available to independent marketers yet. I think he (Dangote) is adopting a systematic marketing approach, but our discussions are progressing,” Ukadike told Vanguard.
Also, he noted that the hike in the pump price of petrol by NNPCL two days ago should not be a surprise to the people because of market forces.
He stated: “People shouldn’t be surprised. Deregulation is driven by demand and supply factors, and your supply source will dictate the selling price.”
Despite the recent increase in the pump price to N1,060 per litre in Abuja, reflecting a 3% rise, marketers have largely retained their pricing from October 2024.
Investigations conducted by Vanguard in the capital revealed that prominent marketers, including Conoil and TotalEnergies, continue to offer petrol at N1,109 per litre. Other companies, such as NIPCO (N1,115), Adova Plc (N1,125), and various independent marketers (ranging from N1,150 to N1,230), have also maintained the prices established at the start of October.
Previously, on October 9, 2024, NNPC had increased petrol prices by 14.8%, raising the cost from N897 to N1,030 per litre, following the Federal Government’s decision to eliminate the petrol subsidy. This adjustment was contrary to the anticipated outcome of the “crude-for-Naira” agreement between the Federal Government and Dangote Refinery, which was expected to lower pump prices starting October 1, 2024.
This latest price increase follows a significant hike on September 3, 2024, when NNPC raised petrol prices by 45%, from N617 to N897 per litre.
