Marketers Give Reasons For Crashing Petrol Prices Despite High Crude Prices
- The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the crash in petrol prices to collaboration with Dangote Refinery
- They stated that the association has a partnership with the mega refinery and MRS Oil, resulting in reduced petrol price
- Petrol prices have crashed from N1,200 in 2024 below N1,000 after more players entered the downstream sector
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) have said that the current crash in petrol prices was due to the robust partnership with Dangote Refinery.
IPMAN’s national president, Abubakar Maigandi, disclosed this during the petroleum industry stakeholders meeting in Abuja on Thursday, January 16, 2025.
Source: UGC
IPMAN praises Dangote Refinery and MRS Oil
Maigandi said that in 2024, the association members began loading petrol from the Lekki-based refinery and MRS Oil, which reduced pump prices nationwide.
Findings show that the petrol price has crashed below N1,000 after hitting N1,200 in 2024.
In Lagos and Abuja, some retail stations sell petrol at a lower price than the retail outlets owned by the Nigerian National Petroleum Company Limited (NNPC).
According to the IPMAN president, the association members have been loading petrol from the Dangote Refinery and MRS, saying that IPMAN has an agreement with MRS and Dangote.
He said that is why petrol prices have been reduced in Nigeria, which has uniform prices.
FG says market forces now determine petrol prices
The Minister of State for Petroleum Resources (Oil) stated that the different rates at which petrol is sold nationwide are due to the successful deregulation of the downstream sector.
The minister disclosed that petrol prices are not based on individuals or the government but on the market forces.
Lokpobiri said the whole reason is for the price to find its place, stating that the deregulation has ended the negativity surrounding the petrol subsidy.
Billy Gillis-Harry, the national president of the Petroleum Product Retail Outlet Association of Nigeria (PETROAN), stated that the forum provided a platform for stakeholders to address the sector's challenges.
The PETROAN boss explained that it would allow stakeholders to be involved in policy-making and implementation and ensure the availability of all types of energy mix, including gas, renewables, and others.
Marketers and oil companies move to build new refinery
Legit.ng earlier reported that petroleum marketers and three oil companies have signed a deal to establish a 50,000 barrels per day capacity refinery to enhance refining capacity in Nigeria.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) inked a deal with Claridge Petroleum Company Limited and Oasis Petrochemical Products Limited for the facility on Wednesday, January 8, 2025.
Billy Gillis-Harry, PETROAN national president, disclosed that the deal was signed to provide Nigerians with affordable fuel.
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Source: Legit.ng
