Petrol Prices Surge: IPMAN Shifts Focus to Dangote Refinery for Better Deals

• Marketers run to Dangote refinery for succour over surging fuel price
• This follows 4.7 increase in price of PMS
• NNPCL portal for purchasing petrol is closed

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a shift in loyalty to the Dangote Petroleum Refinery.

This decision follows a 4.7% increase in the depot price of Premium Motor Spirit (PMS), also known as petrol, which rose to ₦950 per litre from ₦907 per litre last week.

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The increase in petrol prices is linked to the rising cost of crude oil, which went up to $80 per barrel this week from $73 per barrel last week.

Speaking about the shift, IPMAN’s Public Relations Officer, Mr. Chinedu Ukadike, explained, “We have encouraged our members to purchase fuel directly from Dangote Refinery instead of depending on private depot owners.

 

 

The refinery offers petrol at a minimum quantity of two million litres for ₦909 per litre. Another option is buying from MRS, which also sells Dangote Refinery products.”

IPMAN’s National President, Alhaji Garima, added that their members still purchase petrol from the Nigerian National Petroleum Company Limited (NNPCL) at ₦899.50 per litre.

However, he noted that the NNPCL portal for purchasing petrol is currently closed. He emphasized that the arrangement with Dangote Refinery is more cost-effective for their members.

“MRS is also popular among our marketers because it offers incentives,” Garima said. “For instance, MRS can sell petrol at ₦850 per litre for marketers transporting products from Lagos to Kano, allowing them to sell at ₦935 per litre.”

He further advised IPMAN members to collaborate by pooling resources to purchase directly from the Dangote Refinery, as it provides better pricing.

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Garima also explained that with the Federal Government’s removal of petrol subsidies, prices are no longer fixed. “Market forces now determine the pump price of petrol,” he stated, encouraging members to adapt to this new reality for more sustainable Operation.

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