Petrol prices in Nigeria may see a decline following a new partnership between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Dangote Petroleum Refinery. This agreement allows IPMAN members to lift petrol and other petroleum products directly from Dangote’s facility, potentially reducing costs by cutting out middlemen and ensuring a more stable supply across the country.
Announced at a press briefing in Abuja on Monday, IPMAN’s National President, Abubakar Garima, explained that the direct access to products like Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), and Dual Purpose Kerosene (DPK) from Dangote’s refinery is expected to increase availability and affordability for Nigerians. “This new arrangement will ensure a steady and ceaseless supply of PMS across Nigeria at an affordable rate,” he stated, adding that the deal aligns with the association’s commitment to providing Nigerians with lower-priced fuel.
The deal comes after IPMAN raised concerns over difficulties in accessing Dangote’s petrol stocks. Founder Aliko Dangote had previously noted that oil marketers were not purchasing from the refinery, despite its stock of over 500 million liters of petrol. IPMAN responded by emphasizing that its members had faced challenges in lifting fuel from the facility but are now optimistic following negotiations.
As part of the partnership, IPMAN plans to support Dangote Refinery’s efforts to improve Nigeria’s self-sufficiency in fuel production. This partnership, Garima noted, also aligns with President Bola Tinubu’s Renewed Hope Agenda, which promotes local fuel production and job creation. IPMAN aims to increase investment in fuel infrastructure and is also preparing for a nationwide transition to Compressed Natural Gas (CNG) as a more sustainable fuel option.
In a related development, the Executive Secretary of the Major Energy Marketers Association of Nigeria (MOMAN), Clement Isong, highlighted factors affecting petrol pricing, such as exchange rates and logistics. The final price to consumers will reflect these variables, but Isong believes the IPMAN-Dangote partnership will have a positive impact.
This collaboration is expected to enhance efficiency in fuel distribution, reduce costs, and drive economic growth in Nigeria’s petroleum sector.
