IPMAN to Cut Petrol Prices with Dangote Deal

|By Ejalonibu Kolawole –

The Independent Petroleum Marketers Association of Nigeria (IPMAN) announced plans for over 30,000 of its members to start buying petrol directly from the Dangote Petroleum Refinery. This agreement, confirmed on Monday, allows IPMAN to source Premium Motor Spirit (PMS), diesel, and other petroleum products in bulk from the Lekki-based refinery, a shift expected to reduce retail pump prices across IPMAN outlets.

IPMAN President Abubakar Garima stated during a Channels Television interview on Tuesday, “We now have two options: loading at N940 per liter by vessel and N990 per liter by truck.” Garima added that the ability to transport directly from the Dangote refinery would eliminate the need for imports, enhancing supply to private depots in locations like Port Harcourt, Warri, and Calabar, where vessels will be used for distribution due to a lack of loading gantries.

This shift follows the Nigerian National Petroleum Corporation’s recent decision to step back from exclusive offtake rights, opening access to Nigeria’s 650,000 barrels-per-day Dangote refinery.