IPMAN mutes plan to import pms from alternative sources as FG clear marketers to lift product from Dangote
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the full deregulation of petrol pricing and the withdrawal of NNPC Limited as the sole off-taker from the Dangote Refinery grant marketers the freedom to source petrol from various suppliers, including imports.
This statement follows NNPC’s recent increase of petrol prices by 15%, bringing the pump price to N998 per liter in Lagos and N1,030 per liter in Abuja.
In an interview with IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, emphasized that marketers will seek products from the most competitive sources. He noted that the current business environment surrounding petrol pricing is opaque, with marketers often left in the dark about key decisions.
“The ongoing situation is clouded in secrecy, but as full deregulation takes effect, marketers will have the opportunity to import fuel, allowing us to evaluate our options between Dangote and other suppliers,” Ukadike stated.
Earlier, IPMAN President Alhaji Abubakar Maigandi Shettima demanded a refund of N15 billion from NNPC Limited for petrol orders placed by independent marketers that were not supplied.
Shettima argued that if NNPC’s pricing exceeds that of Dangote Refinery, the national oil company must refund payments made by independent marketers.
He criticized NNPC for requesting additional payments from marketers without supplying the products for which they had already paid.
The federal government has approved a new system allowing petroleum marketers to lift petrol directly from the Dangote Refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
In a statement on Friday, Wale Edun, the minister of finance and chairman of the Naira-Crude Sale Implementation Committee, provided insights into the progress of crude purchases and refined product sales conducted in naira.
According to him, the implementation committee held its second post-commencement review meeting on October 10, where it assessed the success of the Crude Oil and Refined Products Sales in the Naira initiative.
“The committee is pleased to announce a seamless transition to the new framework following the Federal Executive Council’s directive. This new model establishes a strong system for the domestic production and distribution of crude oil and refined products, all sold in naira for local consumption,” the statement read.
Edun emphasised that with the mechanism now fully operational and local production underway, Nigeria is poised to shift towards a fully deregulated petroleum market.
“Petroleum product marketers can now purchase Premium Motor Spirit (PMS) directly from local refineries, without the need for NNPC as an intermediary. This allows for direct negotiations between marketers and refineries, fostering competition and improving market efficiency,” he added.
