• Latest
  • Trending
Petrol Price to reduce as IPMAN, Dangote Reach New Agreement

Fuel Marketers finally agree on ‘Litres of Petrol’ to be Purchased from Dangote Refinery Weekly

IGP Appoints Lagos PPRO, Hundeyin as New Police Spokesperson

IGP Appoints Lagos PPRO, Hundeyin as New Police Spokesperson

Recruitment: Police Release List Of Successful Candidates

Police warn Women, say ‘Taking Transport Fare from Men Without Showing Up Is Punishable’ (Video)

President Tinubu Travels to Europe for 10-Day Annual Leave

President Tinubu Travels to Europe for 10-Day Annual Leave

ADC Slams Remi Tinubu Over Birthday Donation, says ‘National Library Isn’t Your Pet Project’

ADC Slams Remi Tinubu Over Birthday Donation, says ‘National Library Isn’t Your Pet Project’

Tinubu asks Rivals to Accept Defeat as APC wins By-Election

Why Nigeria Not Afraid of Trump’s Tariffs—Tinubu

FG Overhauls Secondary School Curriculum, Adds AI, Coding, and Cybersecurity [Full List]

FG Overhauls Secondary School Curriculum, Adds AI, Coding, and Cybersecurity [Full List]

NPF Removes Muyiwa Adejobi as PRO, Redeploys Him to Delta Command

NPF Removes Muyiwa Adejobi as PRO, Redeploys Him to Delta Command

Thursday, September 4, 2025
  • Login
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
iDeemlawful
No Result
View All Result
iDeemlawful
No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • LifeStyle
  • Advertise with Us
  • Opinion
  • Campus
Home Business News

Fuel Marketers finally agree on ‘Litres of Petrol’ to be Purchased from Dangote Refinery Weekly

by iDeemlawful
November 18, 2024
in Business News, Featured
A A
0
Petrol Price to reduce as IPMAN, Dangote Reach New Agreement

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has finally agreed in a new agreement with Dangote Refinery to supply 60 million litres of Premium Motor Spirit (PMS), commonly known as petrol, weekly.

iDeemlawful understands that this arrangement equates to a total supply of 240 million litres per month.

According to IPMAN, the refinery’s offer to provide 60 million litres weekly will depend on the association’s demand and patronage.

The $20 billion Lekki-based refinery is also reportedly seeking to raise substantial funds to facilitate crude oil imports and expand its production capacity.

SeeThese

Why NNPC Refineries May Never Work Again – Dangote

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Tinubu’s Petrol Subsidy Removal Generates $84b, 40 roads – Reports

In addition, oil marketers noted on Sunday that petrol prices have begun to decline due to increased competition following the deregulation of the sector.

This comes as the Nigerian National Petroleum Company Limited (NNPCL) and other marketers imported over two billion litres of PMS within a span of 42 days.

Speaking with The PUNCH, IPMAN’s National Publicity Secretary, Chinedu Ukadike, confirmed that members of the association could lift substantial quantities of PMS directly from the Dangote Refinery, bypassing intermediaries.

He highlighted that IPMAN has historically been responsible for distributing most of the imported fuel in Nigeria.

“We are going to off-take the product in millions of litres. Before now, most of the imported products in Nigeria were distributed through IPMAN. So we can off-take the products, no matter the millions of litres that are produced,” Ukadike stated.

On the specifics of the deal, Ukadike explained that IPMAN could lift a minimum of 10 million litres, with the refinery offering up to 60 million litres weekly based on demand.

“We can take from 10 million litres and above and Dangote has offered to give us over 60 million litres depending on our patronage.

“The 60 million litres is to be given weekly. And we can take and distribute it across the country once we start lifting the product from the refinery,” Ukadike disclosed.

He also confirmed that fuel distribution under this arrangement is expected to commence before the end of November.

“We are finalising discussions. You know the meeting between IPMAN and the Dangote refinery was held last week and documentation is in process. So, there are still a few pieces of documentation that we are doing now. Once they are sorted, we will off-take PMS from the plant.

“This is going to happen before the end of this month. The Dangote Group has assured us that even if we want to start taking products from today, we should start,” Ukadike added.

IPMAN has also developed a Special Purpose Vehicle (SPV) to streamline product off-take and ensure efficient nationwide distribution.

This move eliminates the previous practice where individual marketers purchased limited quantities and faced challenges, such as delayed deliveries and locked-up funds.

“IPMAN has gathered its members and we have developed a Special Purpose Vehicle to off-take the products from the refinery. So, the issue of individuals going to buy one or two trucks has gone. IPMAN is now going to be a major distributor and our money will be guaranteed.

“The time has gone when some dealers will tell us they have products when they actually do not, and they will lock up our money in their system. So, we are taking this as a very effective measure to be able to ensure that the distribution value chain is efficient,” Ukadike stated.

This strategic partnership is expected to enhance fuel availability and distribution efficiency across Nigeria while solidifying IPMAN’s role in the downstream sector.

Tags: Dangote refineriesIPMANPetrol
Share212Tweet133SendShare
Previous Post

Nigerian Government highlights 10 Contracts on Road Projects to be Terminated Over Delay [Full List]

Next Post

Four Jailed For UK ‘Street Fight’

iDeemlawful

iDeemlawful

Next Read

President Tinubu Travels to Europe for 10-Day Annual Leave
Featured

President Tinubu Travels to Europe for 10-Day Annual Leave

...

Read more
Tinubu asks Rivals to Accept Defeat as APC wins By-Election
Featured

Why Nigeria Not Afraid of Trump’s Tariffs—Tinubu

...

Read more
FG Increases CNG Price by ₦150/SCM
Business News

FG Increases CNG Price by ₦150/SCM

...

Read more
Burkina Faso Outlaws Homosexuality with Jail Term
Featured

Burkina Faso Outlaws Homosexuality with Jail Term

...

Read more
SERAP Slams Tinubu, Demands Reversal of “Excessive” Passport Fees
Business News

SERAP Slams Tinubu, Demands Reversal of “Excessive” Passport Fees

...

Read more
7,000 PDP supporters defect to APC in Sokoto
Featured

APC Sweeps 20 LGAs, PDP 3 in Rivers Polls

...

Read more
CAC sets Deadline to delist 100,000 Dormant Companies
Business News

CAC Defers New Registration Fees, Now October

...

Read more
Wike reacts to Ongoing Rivers LG Polls, eye End of ‘Emergency Rule’
Featured

Wike reacts to Ongoing Rivers LG Polls, eye End of ‘Emergency Rule’

...

Read more
Next Post
Four Jailed For UK ‘Street Fight’

Four Jailed For UK 'Street Fight'

Jubilation as Tinubu increases NYSC allowance to N77000

Nigerian Government lifts ban on Posting NYSC Members to Banks, Others

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The lost children by AdeBimps

Bucknor Akerele – APC Is A Mafia Organization Not Political Party

Bucknor Akerele – APC Is A Mafia Organization Not Political Party

What Peter Obi Must Do Before Asking Court To Declare Him Winner – Keyamo

What Peter Obi Must Do Before Asking Court To Declare Him Winner – Keyamo

Most Popular

IGP Appoints Lagos PPRO, Hundeyin as New Police Spokesperson
Breaking News

IGP Appoints Lagos PPRO, Hundeyin as New Police Spokesperson

Recruitment: Police Release List Of Successful Candidates
Breaking News

Police warn Women, say ‘Taking Transport Fare from Men Without Showing Up Is Punishable’ (Video)

President Tinubu Travels to Europe for 10-Day Annual Leave
Featured

President Tinubu Travels to Europe for 10-Day Annual Leave

iDeemlawful

Copyright © 2019 iDeemlawful.

Useful Links

  • About Us
  • Advertise with Us
  • Editorial Policy

Follow Us

Copyright © 2019 iDeemlawful.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In