- Independent Petroleum Marketers Association of Nigeria (IPMAN) negotiate terms with Dangote Refinery for petrol lifting
- Chief Chinedu Ukadike said independent marketers have not yet sourced directly from the refinery
- Recent petrol price increases reflected market conditions, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN)
Amid controversy surrounding the lifting of petrol from Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that it is still in negotiations with the refinery regarding the lifting terms.
Chief Chinedu Ukadike, the Public Relations Officer of IPMAN, said that independent marketers have not started sourcing directly from the Dangote Refinery and that negotiations are still in progress.
IPMAN confirms ongoing negotiations with Dangote refinery for petrol lifting
“We haven’t received products from Dangote Refinery yet, but the processes are underway, and I’ll update you once they’re finalised.
“The product isn’t available to independent marketers yet. I think he (Dangote) is adopting a systematic marketing approach, but our discussions are progressing,” Ukadike stated.
Recall that Alhaji Aliko Dangote, the president of the refinery, the Nigerian National Petroleum Company Limited (NNPCL) and various petroleum marketers have been importing petrol from abroad while neglecting to lift products from his refinery.
Dangote refinery stores 500 million litres of petrol for domestic supply
He added that his refinery's storage holds 500 million litres of petrol, providing ample supply for domestic consumption.
In a related update, Ukadike indicated that the recent petrol price hike by NNPCL should not surprise anyone, as it reflects prevailing market conditions.
“People shouldn’t be surprised. Deregulation is driven by demand and supply factors, and your supply source will dictate the selling price,” Ukadike stated.
Ghana eyes long-term supply deal with Dangote oil refinery
Meanwhile, TheRadar earlier reported that Ghana hinted at possible long-term supply agreements with Dangote Oil Refinery.
Mustapha Abdul-Hamid projected savings on Ghana's monthly fuel import expenditure.