The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said its members are now loyal to the Dangote Refinery due to the rise in pricesThe association revealed that the development was due to an increase in petrol prices by depot ownersIPMAN said Dangote Refinery remains the best place to buy petrol as private depot owners increased their prices from N907 to N950 per litre
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) said it has chosen to move to Dangote Petroleum Refinery as the ex-depot price of PMS increased by 4.7% to N950 per from N907.
Experts blame the rising petrol prices on the hike in crude oil prices, which rose to $80 from $73 per barrel.
Marketers express loyalty to Dangote Refinery as petrol prices rise again
Credit: Bloomberg/Contributor
Source: UGC
IPMAN members move to Dangote Refinery
IPMAN’s national publicity secretary, Chinedu Ukadike, said the association asked its members to patronise the Dangote Refinery as they cannot continue to rely on depot owners for petroleum products.
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Ukadike said:
“The minimum quantity to buy from Dangote Refinery is two million litres at N909 per litre. We can also buy from MRS, which distributes Dangote refinery petrol.”
Also, IPMAN’s national president, Abubakar Maigandi, said its members still patronise the Nigerian National Petroleum Company Limited (NNPC), which sells at N899.50 per litre.
He said that NNPC’s petroleum product purchase portal is closed, stating that IPMAN members buy high petrol volumes from the Dangote Refinery or MRS Oil, which sell cheaper.
MRS Oil and Dangote Refinery still petrol cheaper
According to a Vanguard report, the IPMAN boss said his members still purchase from private depots but have been told that their arrangement with Dangote remains the best.
He said MRS sells petrol from Lagos to Kano at N850 per litre, which prompted the association members to buy from MRS Oil. The company also sells to marketers at N935 per litre.
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Maigandi said IPMAN has asked members to partner with Dangote Refinery in bulk as the Nigerian government is no longer subsidising petrol.
Crude oil prices rise in the international market
Henzodaily.ng earlier reported that petrol prices may rise again due to the increase in the cost of Brent, the global benchmark for crude.
Crude oil price is an essential commodity that sets the price of refined petroleum products.
On Sunday, January 12, 2025, Brent crude price reached $79.76 per barrel.
Also, supply issues and seasonal demand fluctuations in colder regions may be responsible for the rise in crude prices.
Marketers adjust prices at depots
Findings show that several fuel depots began reporting diesel price increases on Friday, January 10, 2025, marking the beginning of a rise in fuel costs.
Experts say that the Brent crude oil price surge is a major driver, as many Nigerian depot owners depend on it to meet diesel demand.
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Marketers speak as fuel prices at various filling stations emerge, one cheaper than NNPC
Marketers increase petrol prices
Henzodaily.ng previously reported that petrol stations owned by prominent oil marketers hiked their prices on Tuesday, January 14, 2024, to reflect a new price regime amid rising crude oil prices, which saw Brent Crude soar above $80 per barrel.
Checks showed that major marketers had adjusted their pump prices, reflecting the upward movement in crude oil costs.
Investigations revealed that major marketers such as 11 plc, which operates the Mobil franchise, adjusted its pump prices to N970 per litre from N950 – the same as Petrocam.
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Source: Henzodaily.ng