The Independent Petroleum Marketers Association of Nigeria (IPMAN) has shifted its focus to the Dangote Petroleum Refinery in response to a 4.7% increase in the depot price of Premium Motor Spirit (PMS), which surged from N907 to N950 per litre within the span of one week.
This hike is attributed to the rising cost of crude oil, which escalated from $73 per barrel last week to $80 per barrel this week, Vanguard reports.
IPMAN’s Public Relations Officer, Mr. Chinedu Ukadike, stated that the association has urged its members to purchase petrol directly from the Dangote Refinery, citing this as a more economical choice compared to relying on private depot owners. He noted that the refinery offers PMS at N909 per litre with a minimum purchase of two million litres, and also highlighted that MRS, which distributes Dangote’s products, is another procurement option.
Alhaji Garima, IPMAN’s National President, confirmed that some members still buy from the Nigerian National Petroleum Company Limited (NNPCL) at N899.50 per litre. However, he pointed out the financial advantages of sourcing products through the Dangote-MRS arrangement.
“MRS offers additional incentives, making it attractive to many marketers,” Garima explained. “For example, petrol transported from Lagos to Kano is sold at N850 per litre, allowing marketers to retail at N935 per litre.”
Garima further encouraged members to collaborate and pool their resources to purchase directly from the Dangote Refinery, stressing that the end of fuel subsidies has led to more flexible pricing.
This strategic shift marks a significant move by IPMAN to address rising costs and ensure a steady supply of petrol across the country.
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