The Independent Petroleum Marketers Association of Nigeria, IPMAN has stated that it is still negotiating arrangements for the lifting of gasoline from Dangote Refinery amid a recent controversy surrounding the lifting.
IPMAN emphasized that they are working closely with Dangote Refinery to ensure a smooth and transparent process for all parties involved. They are committed to resolving any issues that may arise during the negotiations in a timely manner.
Alhaji Aliko Dangote, the president of Refibery, has accused the Nigerian National Petroleum Company Limited, or NNPCL, and other petroleum marketers of importing gasoline from foreign refineries while avoiding his facility to pick up goods.
500 million liters of gasoline are stored at his refinery, Dangote continued, enough to meet domestic demands.
However, Chief Chinedu Ukadike, IPMAN’s Public Relations Officer, informed Vanguard that discussions with the refinery are still ongoing and that independent marketers have not yet started direct sourcing from the Dangote Refinery.
“The processes are underway, and I’ll update you once they’re finalized,” he said, adding that we haven’t gotten any products from Dangote Refinery yet.
“Independent marketers do not yet have access to the product,” he continued. Although our conversations are moving forward, I believe Dangote is taking a methodical approach to marketing.
In a related development, he stated that market forces should not be taken as a surprise by the increase in the price of gasoline at the pump that NNPCL implemented two days ago.
“People shouldn’t be surprised,” he said. Demand and supply variables are what drive deregulation, and the selling price will depend on where you get your supplies.
In the meantime, marketers have mostly kept their October 2024 prices the same, even though the pump price markup in Abuja increased by 3% to N1, 060 per liter.
NIPCO (N1,115), Adova Plc (N1,125), and the majority of individual marketers (N1,150-N1,230) maintained the rates set at the beginning of October, while large marketers like Conoil and TotalEnergies continued to sell at N1,109, according to Vanguard’s checks conducted in the nation’s capital.
In response to the Federal Government’s decision to discontinue the gasoline subsidy, NNPC previously increased the price of gasoline by 14.8% on October 9, 2024, from N897 to N1,030 per liter. Expectations that the “crude-for-Naira” agreement between the Federal Government and Dangote Refinery would lower pump prices beginning on October 1, 2024, were defied by this spike.
The most recent increase followed a previous one on September 3, 2024, when NNPC increased the price of gasoline by 45%, from N617 to N897 per liter. These continuous increases in PMS prices have led to significant backlash from the public, with many expressing concerns about the impact on the cost of living. The Nigerian government is facing mounting pressure to find alternative solutions to mitigate the effects of these price hikes on its citizens.
