The Independent Petroleum Marketers Association of Nigeria (IPMAN) has highlighted the higher pricing of fuel from Dangote Refinery compared to other sources.
This revelation was made by Yakubu Suleiman, the National Assistant Secretary of IPMAN, during an appearance on Arise Television’s Morning Show.
Suleiman emphasized the necessity for IPMAN members to prioritize profitability, which naturally leads them to seek out more affordable fuel options.
"We must go where the price is lower; where we get profit," he stated, underscoring the economic pressures faced by independent marketers in a deregulated market environment.
The crux of the issue lies in the pricing strategy employed by Dangote Refinery. According to Suleiman, "Prices are determined by international pricing," yet there seems to be a lack of transparency from Dangote regarding daily pricing updates.
He argued that without engaging stakeholders, it becomes challenging for marketers to make informed purchasing decisions. Moreover, Suleiman expressed concerns over potential monopolistic tendencies, noting, "Dangote is like trying to monopolize the whole issue."
This sentiment reflects broader apprehensions about market competition and the accessibility of affordable fuel for Nigerians. Last week, the price of fuel from Dangote was reportedly set at N995 per litre, a figure that surpasses those offered by other suppliers.
Suleiman questioned the feasibility of such pricing, considering additional costs associated with transportation and depot charges. "Can we go and sell? Look at we have to pity Nigerians," he remarked, highlighting the potential burden on consumers.
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