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Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that fuel prices are expected to drop once they commence direct lifting of petrol from the Dangote Refinery. This statement was made by Chinedu Ukadike, IPMAN's spokesperson, during an interview with Channels Television on Tuesday.
Ukadike explained that the current high prices of Premium Motor Spirit (Petrol), which range between N950 and N1,100, are due to recent price adjustments by the Nigerian National Petroleum Company Limited (NNPCL). These adjustments followed NNPCL's initial lifting of fuel from the Dangote Refinery on September 15.
However, Ukadike assured Nigerians that this situation would change soon. "Immediately after we discuss and commence direct lifting of product from Dangote, the issue of pricing and differential in pricing will be gone," he stated. He emphasized that direct procurement would eliminate price disparities and foster competition, ultimately leading to lower prices. "If IPMAN becomes independent, prices will drop. Because it will give us the opportunity for possible competition because we will no longer be depending on another source to get products," he added.
Aliko Dangote, President of Dangote Group, also weighed in on the matter, noting in an interview with Bloomberg Television that his locally produced petrol is cheaper than imported alternatives. This assertion adds weight to IPMAN's optimism about the potential benefits of direct lifting.
IPMAN plans to meet with Dangote Refinery within the week or next to finalize discussions on this new procurement strategy. This move is seen as a crucial step towards addressing ongoing issues of fuel scarcity and high prices in Nigeria.
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