“Price Will be Cheaper”: Petrol Marketers Speak on Condition to Crash Fuel Cost in Nigeria
- Petroleum marketers are pleading with the federal government to allow its members to purchase petroleum products directly
- Chairman of IPMAN said the Nigerian National Petroleum Company Ltd. was in charge of product sourcing and pricing
- He said that strategic discussions were already taking place between the Dangote Refinery management and IPMAN
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
To relieve pressure in the industry, the federal government has been urged by the Independent Petroleum Marketers Association of Nigeria (IPMAN) to permit its members to source petroleum products directly.
Source: Getty Images
Chinedu Anyaso, chairman of IPMAN Enugu Depot in charge of states of Anambra, Ebonyi, and Enugu, made the call in his 2024 Independence Day speech on Tuesday, October 1, in Awka.
Anyaso stated that the Nigerian National Petroleum Company Ltd. was in charge of product sourcing and pricing.
“As it is today, we are selling according to the price we are getting the products, there is not much we can do to influence the major variables of price and availability. IPMAN controls about 85% of retail outlets in the country, so we are in a position to play greater impacts in the reforms going on in the sector.
“If the sector is further liberalised to allow IPMAN participate as major stakeholders, products will definitely become more available and price will be cheaper,” he said.
In order to obtain direct supply from the business, Anyaso stated that the national leadership of IPMAN was already in strategic talks with the Dangote Refinery management.
Direct product sourcing from the corporation, he claimed, would lower costs. Anyaso said IPMAN had been to the Port Harcourt Refinery and could attest to the fact that significant efforts were being made to reopen the company. He gave his optimistic assessment that the goods would be lifted there shortly.
He urged Nigerians to recognise IPMAN's contribution to the industry's continuous struggle.
Anyaso added that lower sales and profitability were among the negative effects of the industry problem for marketers.
The IPMAN chairman said there will be hope for Nigerians, encouraging them to maintain trust in their nation.
The development occured as Nigerians across the country has continued to lament the rate of increase in furl price.
Onyrka Obi said,
"Nigerians are patiently waiting for the day fuel price will return to N200 per litre. Fuel price across the country country have now become very unafordable due to forex and other crises."
Marketers weigh Dangote petrol price
Legit.ng earlier reported efforts by oil marketers in Nigeria to buy petrol directly from Dangote Refinery and the challenges facing them.
While the Dangote Refinery can supply much of Nigeria’s domestic petrol needs, the government strictly controls pricing via the Nigerian National Petroleum Company Limited (NNPC), creating a significant hurdle for marketers.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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