The Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing for discussions with Dangote Petroleum Refinery to finalize an agreement on the cost and lifting of petrol. Talks are expected to take place between Tuesday and Wednesday this week. The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has also been asked to resend its request for fuel lifting from the $20 billion Lekki refinery.
IPMAN is optimistic that the increased competition in the downstream oil sector will lead to a reduction in petrol prices once marketers begin lifting fuel directly from Dangote’s facility. The association emphasized its readiness to engage in healthy competition to stabilize the country’s fuel supply chain.
Last week, the Federal Government granted petroleum marketers permission to lift petrol directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company (NNPC). Both IPMAN and PETROAN leaders expressed optimism about the benefits this shift will bring to the market and consumers alike.
PETROAN president, Billy Gillis-Harry, highlighted the importance of competition, noting that increased supply could lead to lower prices as marketers focus on turnover rather than profit margins.