The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a crucial meeting this week with Dangote Refinery to discuss the direct lifting of Premium Motor Spirit (Petrol) and potential price reductions. This development could mark a significant shift in the distribution of petrol across Nigeria, offering hope for more affordable and readily available fuel supplies.
IPMAN’s spokesperson, Chief Chinedu Ukadike, made this known in a recent statement, expressing optimism about the outcome of the upcoming meeting. According to him, the association’s members are eagerly anticipating the opportunity to lift petrol directly from Dangote Refinery, a move that could solve the long-standing challenges in the country’s oil and gas sector.
Efforts to Resolve Distribution Issues
Chief Ukadike highlighted that despite the commencement of petrol distribution from Dangote Refinery, adequate fuel distribution remains a complex issue. He emphasized the potential benefits of Dangote’s decision to collaborate with stakeholders such as IPMAN to address these challenges.
“There is a meeting scheduled for this week between Dangote and IPMAN. We are happy that Dangote has set on a new course in terms of looking to other stakeholders to distribute its products,” Ukadike said. He also expressed hope that Dangote’s petrol distribution network would soon extend to independent marketers, in addition to major marketers who are currently benefitting from this arrangement.
Petrol Prices and the Exchange Rate Factor
Currently, Nigerian National Petroleum Company Limited (NNPCL) retail outlets and independent filling stations are selling petrol at prices ranging between N950 and N1,100 per litre, depending on location. These prices have remained high, even with Dangote Refinery’s involvement in petrol distribution. However, IPMAN’s upcoming discussions with Dangote Refinery could pave the way for price reductions, particularly if distribution bottlenecks are resolved.
The Crude Oil Refiners Association of Nigeria (CORAN) has also weighed in on the matter, urging the Nigerian Government to set the exchange rate at N1000 per dollar. CORAN believes this move would help lower the cost of petrol produced by Dangote Refinery to below N600 per litre, further easing the financial burden on Nigerians.
As IPMAN and Dangote Refinery prepare for their meeting, there is hope that this collaboration will lead to better fuel availability and more affordable prices across the country.
Read more about this development on the original source here.
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