Oil marketers have started lifting Premium Motor Spirit (PMS) directly from the Dangote Refinery,IPMAN president confirmed the development but stated that the loading of the product is through MRS Oil for nowThe Dangote refinery is selling its product below N1,000, and Nigerians will be hoping it has an impact on the pump price
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has started lifting Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery.
This follows an agreement reached between the refinery management and marketers in November 2024.
Marketers buy Dangote petrol
Photo credit: Bloomberg contributor
Source: Getty Images
IPMAN’s National Publicity Secretary, Chinedu Ukadike, confirmed the development, Punch reports.
Chinedu stated that the direct loading after an arrangement was reached with Dangote in November.
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He, however, explained that independent marketers are loading products through MRS Oil for now while final documentation of the agreement is underway.
Ukadike was quoted as saying:
“There is a pre-arrangement we had. Our experts are putting things together for our documentation.
“Dangote refinery made some products available to us in MRS, and we started the loading gradually (in November). We are buying Dangote products through MRS.”
He refuted claims that this arrangement between Dangote and IPMAN involved a middleman, stating that MRS is a transitional phase to streamline direct access to the refinery’s products.
He added:
. “This is not the issue of a middleman. We have to start with something first to bridge that gap.”
Nigeria Info reports that IPMAN controls about 85% of retail outlets in the country.
Dangote slashes prices
Earlier, Henzodaily.ng reported that the Dangote refinery had decided to reduce its petrol price for marketers from N990 to N970 per litre.
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Marketers oppose NNPC’s petrol price from Port Harcourt refinery
The new price, announced in a statement via X, marks a significant change from the N1,030 per litre price of the Port Harcourt refinery and the cost of importing petrol.
Nigerians are hopeful that with IPMAN now directly lifting products from the Dangote refinery, petrol pump prices will be reduced.
Source: Henzodaily.ng