Oil Marketers Share Plan To Crash Petrol Prices In Nigeria, Make Demands

• Oil marketers have decided to import petrol from abroad, a move aimed at addressing the current prices of petrol
• The marketers believe this decision aligns with full deregulation as outlined in the Petroleum Industry Act
• Under the deregulation regime, marketers are allowed the freedom to competitively source fuel from any supplier, both locally and internationally

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted at plans to import more petrol from abroad.

The decision is in line with the full deregulation of the downstream oil sector as outlined in the Petroleum Industry Act (PIA).

The IPMAN decision comes amid an ongoing price tussle and negotiation with Dangote refinery on petrol lifting pricing.

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Legit.ng reported that marketers claimed the NNPCL is selling fuel for over N1,000 per litre, despite purchasing it from Dangote at N900 per litre.

The marketers are now demanding that NNPC limited refund about N15 billion for petrol orders placed and not yet supplied.

IPMAN to look abroad for petrol

Chinedu Ukadike, IPMAN's public relations officer, who confirmed the plans, said that marketers would source their products from wherever they feel is cheaper and make them competitive.

Ukadike pointed out that the current business environment in terms of petrol pricing is shrouded in secrecy with marketers not adequately informed about decisions before they were taken, Vanguard reports.

His words:

“The happening has been shrouded in secrecy but with time everything will come out because full deregulation has come into play.

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"Marketers can now import and so let’s see what they will do. Then we will know whether we will go with Dangote or elsewhere where the price is better."

Nigerians' reactions to new petrol price

Earlier, Legit.ng reported Nigerians' reactions to the new fuel prices and have called on NNPC Limited to reconsider its decision.

According to Nigerians who spoke to Legit.ng and reactions from social media, they believe that fuel prices are too expensive.

The latest petrol price adjustment is the third in 2024.

Source: Legit.ng