Petrol Price to reduce as IPMAN, Dangote Reach New Agreement

The National President of IPMAN, Abubakar Shettima, announced this at a press briefing on Monday in Abuja, following a meeting of the association’s National Working Committee.

IPMAN (Independent Petroleum Marketers Association of Nigeria) has partnered with Dangote Refinery to obtain petroleum products directly for distribution to their members’ depot facilities and gas stations nationwide.

IPMAN had earlier called on Dangote Refinery to engage stakeholders and review its pricing strategy saying the refinery prices are higher than other suppliers, making it difficult for independent marketers to sell products.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) also accused Dangote Refinery of attempting to maintain a monopoly in the country’s downstream petroleum sector.

Speaking on Monday, Mr Shettima explained that this strategic partnership aims to ensure a steady and uninterrupted supply of petroleum products nationwide, with an emphasis on affordability.

“Following our recent meeting with Alhaji Aliko Dangote and members of his senior management in Lagos, we are pleased to announce that Dangote Refinery has agreed to allow IPMAN to lift PMS, AGO, and DPK directly, for onward distribution to our depots and retail outlets,” Mr Shettima stated.

He emphasised the value of supporting Dangote Refinery, highlighting the benefits of backward integration and its anticipated impact on Nigeria’s foreign exchange markets.

“This new arrangement will ensure continuous and affordable fuel supply across Nigeria,” he said.

“We encourage all IPMAN members to support the Dangote Refinery, as it represents a sustainable solution with significant long-term economic benefits.”

Mr Shettima also urged members to rely on domestic supply sources, including the Dangote Refinery and other Nigerian refineries, as this could contribute to job creation and economic stability.

He reiterated that the partnership aligns with President Bola Tinubu’s “Renewed Hope” agenda, aimed at revitalising Nigeria’s economy.

On the federal government’s push for compressed natural gas (CNG) adoption, Mr Shettima encouraged IPMAN members to prepare their facilities for the planned rollout of CNG refill stations across Nigeria.

“There is no doubt that CNG has the potential to rejuvenate our economy and improve the lives of Nigerians, and IPMAN is fully committed to supporting this initiative,” he added.

Mr Shettima called for a partnership with the federal government to drive the success of the CNG programme, noting that collaboration between IPMAN and the Presidential Committee on National Gas Infrastructure (PCNGI) is essential to make CNG readily accessible to Nigerians.

“For the CNG initiative to succeed, there must be a credible partnership. Without it, Nigerians will lack sufficient access to CNG outlets,” he remarked.