• The Independent Petroleum Marketers Association of Nigeria (IPMAN) said about 30,000 of its members will begin lifting oil from the Dangote Refinery.
• Chairman of the association, Abubakar Maigandi, said the refinery agreed to sell the product at N940 and N960 respectively.
• He said that this development means that oil prices will fall at the pumps in the coming weeks after the new agreement.

Legit.ng’s Pascal Oparada covers technology, energy, stocks, investing and economy for more than ten years

Independent Oil The Marketers Association of Nigeria (IPMAN) says its over 30,000 members are ready to purchase bulk oil from Dangote Refinery.

The association revealed that the price of oil at the mega refinery is about N940 per liter by ships and N990 by trucks.

Oil marketers will end oil imports after the agreement

The findings suggest oil marketers may end imports following an agreement to begin removing product from the 650,000 barrel-per-day refinery.

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IPMAN President Abubakar Maigandi made a statement television In an interview on Tuesday, November 12, 2024, it was said that gasoline pump prices at sales points will decrease after the agreement with the refinery.

The association reached an agreement with the $20 billion refinery on Monday, November 11, 2024, to directly purchase gasoline, diesel and other petroleum products.

The deal follows months of negotiations after the Nigerian National Petroleum Corporation Limited (NNPC) emerged as the sole buyer of the refinery.

Petrol prices to drop by over N50

Maigandi explained that the Lekki-based facility was forced to allow marketers to purchase petrol, diesel and Kerosene to supply to their warehouses and retail outlets.

The IPMAN boss briefed Nigerians on pricing, saying the refinery gives marketers two rates based on preferences.

He said marketers can top up on the portal for N990 per liter or ship vials for N940.

Punch reported that the new price is lower than the N960 and N990 per liter for ships and trucks offered by the refinery last week.

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The IPMAN helmsman explained that the partnership aims to ensure consistent and affordable supply of oil and other products across the country.

Also, oil prices may fall N50 or more depending on location.

PETROAN arranges meeting with Dangote Refinery

According to Maigandi, purchasing oil directly from the refinery will result in the end of payments to intermediaries such as NNPC and warehouse owners, and the cost will be reflected in oil prices in the coming weeks.

The IPMAN chairman said the new regulation will also put an end to fuel scarcity as the products are available for sale throughout the country in all seasons.

Additionally, Dangote Refinery management will meet with the Petroleum Products Retail Outlets Owners Association. Nigeria (PETROAN) officials will discuss the removal of oil.

Joseph Obele, the group’s publicity secretary, said he had requested a business meeting through the refinery’s chairman, Billy Harry.

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Obele said Harry had assembled a seven-member team to represent the association at the meeting.

NNPC will now sell only Dangote oil

Legit.ng previously reported this NNPC announced announced that it stopped importing refined petroleum products.

NNPC Group Chief Executive Officer, Mele Kyari, disclosed this while speaking at the conference of the Nigerian Association of Petroleum Prospectors (NAPE), Lagos, saying that the company now meets its fuel needs from the Dangote Oil Refinery.

According to BusinessDay reports, Kyari confirmed that NNPC is moving away from imports and will source from local refineries, especially Dangote.

Source: Legit.ng