Marketers Show Interest in Direct Petrol Purchases from Dangote Refinery after NNPC Price Hikes
- Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed a desire to purchase petrol directly from the Dangote Refinery
- IPMAN President Abubakar Maigandi disclosed that marketers are willing to patronise the refinery following a debt with the NNPC
- Dangote had decried the lack of patronage of marketers and NNPC, saying the facility has over 500 million litres of petrol in stock
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Following the alarm raised by the Chairman of the Dangote Group, Aliko Dangote, that the Nigerian National Petroleum Company Limited (NNPC) and marketers are boycotting his refinery, independent markers have said that they are willing to patronise the plant.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked the mega refinery to consider direct petrol sales to them, citing delays and outstanding payments from NNPC.
Source: UGC
Marketers decry N40 billion debt by NNPC
IPMAN President Abubakar Maigandi disclosed this in a television interview, saying 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.
BusinessDay said the IPMAN helmsman disclosed that the NNPC usually refer them to the Dangote Refinery whenever they want to buy from the national oil company.
The IPMAN boss cited significant delays in loading products from the Dangote Refinery, saying that their trucks spend as much as four days before being allowed to load.
Maigandi expressed shock over Dangote’s statement that he has over 500 million litres in the facility.
Dangote reveals availability of petrol at refinery
He asked the Lekki-based refinery to allow marketers to purchase the product directly from the plant, saying his members are willing to lift the product.
Legit.ng earlier reported that Dangote raised the alarm on Tuesday, October 29, 2024, saying the NNPC and marketers are boycotting petroleum products from the facility.
The Nigerian billionaire disclosed this after meeting with President Bola Tinubu of the Implementation Committee on the Sale of Crude and Refined Petroleum Products in Abuja.
Dangote expressed concerns about the continued queues at petrol stations nationwide.
Dangote disclosed enough crude to produce petrol daily at the facility.
“As we speak today, we have 500 million litres, you know, in our tanks. So, with 500 million litres in our tanks, even if there’s no production from anywhere or no imports, this will take the country more than 12 days, you know, with no imports, with no production, nothing,” Dangote stated.
Marketers show willingness to crash petrol prices
Meanwhile, Chinedu Ukadike, IPMAN's national public relations officer, said that high petrol prices and scarcity are expected as the country transitions into complete deregulation.
Ukadike said the country is moving from a regulated market to a free one, stating that the Dangote Refinery had been undersupplying the market.
The IPMAN spokesman said the association is in talks with the $20 billion refinery to integrate its members and sell fuel from the plant, and positive news will be coming soon.
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, the nation’s capital.
President of the Dangote Industries, Aliko Dangote, blamed the continued petrol shortages and long queues at filling stations across Nigeria on the inability of marketers to lift products from his $20 billion refinery.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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