Oil Marketers Speak on Dangote Petrol Price as Filling Stations Adjust Pumps Again
- The Independent Petroleum Marketers Association of Nigeria has expressed its readiness to buy petrol from the Dangote Refinery
- The marketers stated that they have already placed a N40 billion order with the refinery but are requesting a price reduction
- Aliko Dangote has assured that his refinery has sufficient capacity to meet Nigeria's fuel needs, making imports unnecessary
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.
Oil marketers have expressed concerns about the price of petrol from the Dangote Petroluem Refinery.
Speaking on Channels TV, Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria(IPMAN), called on Aliko Dangote to review its prices.
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He noted that immediately marketers begin to buy directly from the refinery directly, fuel pump prices will go down at filling stations.
He said:
"If Dangote is concerned that marketers are not buying from him and are instead importing, I think he should also review his pricing strategy.
"Are his prices higher than what major marketers pay for imports, the same, or lower? Another factor marketers will consider is how long it will take for petrol from the Dangote refinery to reach their depots."
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) paid N898 per litre for the 16.8 million litres of petrol purchased from the Dangote refinery on Sunday, September 15.
IPMAN indicate interest to buy Dangote petrol
Maigandi also disclosed that marketers are eager to buy fuel directly from the $20 billion refinery to address the current scarcity.
According to Maigandi, the association has over N40 billion trapped in NNPC, stating that the marketers cannot source petrol due to the significant debt.
The IPMAN boss also expressed shock over Dangote’s statement that he has over 500 million litres in the facility, Punch reports.
He noted that there are delays in loading products from the Dangote Refinery, and it takes as much as four days before being allowed to load.
NNPC issues new petrol price list
Legit.ng previously reported that the NNPC had hiked the petrol pump price thrice in 60 days.
The new price, effective immediately, will allow Nigerians in Lagos to buy the product at its outlets for N1,025 per and N1,060 in Abuja from the previous price of N950 per litre.
The price changes are also reflected in other filling stations owned by independent marketers who are selling at N1,200 to N1,350.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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