The Independent Marketers Association of Nigeria (IPMAN) has announced it’s decision to shift loyalty to the Dangote Petroleum Refinery due to the rising cost of Premium Motor Spirit (PMS), also known as petrol.
The depot price of PMS has increased by 4.7% to N950 per litre, up from N907 last Friday. This surge is attributed to the high cost of crude oil, which rose to $80 per barrel this week from $73 per barrel last week.
Confirming the shift in loyalty yesterday, IPMAN’s public relations officer, Mr. Chinedu Ukadike, stated, “We have encouraged our members to buy from Dangote Refinery. We cannot continue to depend on depot owners to buy our products, especially when we can buy directly from the refinery.”
“The minimum quantity to buy from Dangote Refinery is two million litres at N909 per litre. We can also buy from MRS, which also distributes Dangote refinery petrol.”
IPMAN’s National President, Alhaji Garima, added: “Our members still buy from the Nigerian National Petroleum Company Limited (NNPCL) at N899.50 per litre. For now, the portal to purchase the product is closed. We buy a high volume of product from the Dangote/MRS arrangement as it is cheaper.”
“Although some of our members still buy from private depots, we have advised them that the arrangement with Dangote is the best. Many also patronise MRS because of the incentive the company provides.”
“For instance, if a marketer buys the product from Lagos and the product is being transported to Kano, MRS can sell it at N850 per litre. That is the reason why some of our marketers that get MRS petrol can sell at N935 per litre.”
He further advised, “However, we advise our members to collaborate and join funds together to buy directly from Dangote Refinery. The federal government is no longer subsidising petrol, which explains why petrol prices are no longer fixed as they used to be.”
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View Comments
$80 per barrel? That's really high! Our Port Harcourt refinery needs to start dispensing PMS and other related products too. If this continues, we could end up totally dependent on Dangote refinery, which might lead to a monopoly and shortages. This could create scarcity if they can't meet the demands of the country while still supplying outside. Overall, I'm really happy they're starting to discourage buying from outside suppliers, even though the owners of Oando, who have refineries outside the country, might not be too pleased about it it’s a bold step in the right direction pray it last