The Independent Petroleum Marketers Association of Nigeria (IPMAN) is in talks with Dangote Refinery to establish a petrol supply arrangement, following concerns about the refinery’s alleged import activities alongside the Nigerian National Petroleum Company Limited (NNPCL). Despite the refinery reportedly having 500 million litres of petrol available, Alhaji Aliko Dangote indicated that independent marketers have yet to source from his facility and are still importing petrol from abroad. IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, confirmed that negotiations are ongoing and that direct sourcing has not yet begun.
In the wake of the recent price increase by NNPCL, which raised petrol prices to N1,060 per litre in Abuja, many marketers have chosen to keep their prices stable. Major companies like Conoil and Total Energies are selling petrol at N1,109, while independent marketers have set prices ranging from N1,150 to N1,230. Ukadike emphasized that these price fluctuations are driven by market forces, reflecting the dynamics of supply and demand.
The rise in petrol prices follows an earlier significant hike in October after the Federal Government removed petrol subsidies. This decision came after a price surge from N617 to N897 per litre on September 3, 2024, which had initially raised hopes for potential price reductions through a proposed “crude-for-Naira” deal with Dangote Refinery. The current situation underscores the complexities surrounding fuel supply and pricing in Nigeria.
