Upcoming Fuel Price Changes as Marketers Report on Talks with Dangote Refinery

Nigerians may soon see a change in petrol prices, as the Independent Petroleum Marketers Association of Nigeria (IPMAN) is in talks with Dangote Refinery for direct petrol supply.This development follows a recent increase in petrol prices at NNPC retail outlets, which rose to N1,030 per litre in Abuja from N897, and to N998 per litre in Lagos from N868 last week.

Other areas experienced similar price increases.Abubakar Maigandi, the National President of IPMAN, reported that negotiations with Dangote Refinery are progressing well, and a deal is expected soon. He made this announcement during the launch of a taskforce aimed at monitoring and preventing oil theft, pipeline vandalism, and the adulteration of petroleum products in Abuja.

Maigandi expressed confidence that the agreement with Dangote Refinery will be finalized shortly, allowing for a direct supply of petrol from the refinery. He stated, “We are pleased to share that we are close to wrapping up arrangements with Dangote Refinery for direct PMS supply.”

He added that they have received their funds back from NNPCL and are now focusing on negotiations with other partners, particularly Dangote. The discussions are ongoing as they work towards securing direct product supply from the refinery.

It’s worth noting that marketers had previously addressed pricing issues with the Nigerian National Petroleum Company Limited (NNPCL), which agreed to lower the ex-depot price of petrol to N955 per litre for marketers, providing a N3 discount from the earlier quoted price. Additionally, the federal government has granted approval for oil marketers to buy directly from the Dangote refinery.