Dangote Refinery and IPMAN to Discuss Direct Petrol Lifting and Price Reduction Strategy

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to engage in critical discussions with Dangote Refinery this week, focusing on the direct lifting of Premium Motor Spirit (PMS) and strategies to reduce petrol prices in the country.

IPMAN spokesperson, Chief Chinedu Ukadike, revealed that members are optimistic about securing an agreement for direct petrol lifting from the Dangote Refinery. He highlighted that despite the ongoing distribution of Dangote-produced petrol, efficient distribution across Nigeria’s oil and gas sector remains a significant challenge.

According to Ukadike, “A meeting has been scheduled between Dangote Refinery and IPMAN this week. We’re encouraged by Dangote’s willingness to collaborate with other key players in product distribution. Currently, distribution is limited to major marketers, but we expect it will soon extend to independent marketers.”

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At present, petrol prices vary across Nigeria, with retail outlets operated by the Nigerian National Petroleum Company (NNPC) and independent stations selling fuel between N950 and N1,100 per liter. This variation comes after the commencement of Dangote’s fuel distribution.

In a related development, the Crude Oil Refiners Association of Nigeria (CORAN) has called on the government to stabilize the exchange rate at N1,000 per dollar, a move that could potentially reduce the price of petrol from Dangote Refinery to below N600 per liter.