Fuel price: Marketers give update on meeting with Dangote Refinery

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Petroleum marketers stated that they are awaiting word from Dangote Refinery’s management over the $20 billion refinery’s decision to immediately raise its Petroleum Motor Spirit (Petrol).

Abubakar Maigandi, the president of IPMAN, the Independent Petroleum Marketers Association of Nigeria, revealed this in a Monday exclusive interview with ZINGTIE.

His remarks follow the marketers’ earlier disclosure that they have started talks with Dangote Refinery to initiate direct petroleum lifting.

As per IPMAN, the price of petrol, which is presently sold between N950 and N1,100 per litre, will decrease due to the direct lifting of Dangote Petrol by its members.

Maigandi provided an update on the IPMAN meeting with Dangote Refinery, stating that marketers anticipate hearing back from the Lagos-based refinery this week.

“We are still discussing with Dangote Refinery for direct lifting of its petrol. We are waiting this week to hear the outcome of the discussion,” he told ZINGTIE.

ZINGTIE recalls that the Nigerian National Petroleum Company Limited raised the pump price of petrol to N950 and N1,100 per litre across all of its retail locations countrywide on September 15, 2024, after lifting Dangote Petrol.

On September 15, the state-owned company was the only one purchasing Dangote Petrol.

NNPCL disclosed that it paid N898 for Dangote Petrol. Dangote Group disapproved of NNPCL, but they withheld Dangote Petrol’s pricing.

In a recent interview with Bloomberg Television, Aliko Dangote, the president of the Dangote Group, disclosed that Dangote petrol is 15% less expensive than imported fuel.

In a similar incident, Dangote Refinery was asked by members of the House of Representatives at the National Assembly to disclose its fuel pricing and sell directly to oil marketers.

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