The Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing to engage in crucial discussions with Dangote Petroleum Refinery on Tuesday and Wednesday.
The primary objective of these meetings is to finalize agreements related to the pricing and logistics for petrol lifting from the refinery. Recent reports indicate that the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has received a request from Dangote to resend its petrol lifting application, signaling a significant development in the ongoing negotiations.
Amid this backdrop, PETROAN has expressed optimism regarding potential reductions in petrol prices, contingent upon increased competition within the downstream oil market.
As marketers begin to buy fuel directly from the Dangote refinery, there is hope that this shift will foster a more competitive landscape. IPMAN has characterized the impending agreement with Dangote Refinery as a crucial milestone, one that aims to enhance the efficiency of petrol distribution and strengthen the stability of Nigeria’s fuel supply chain.
In a noteworthy recent decision, the Federal Government has granted petroleum marketers the green light to directly purchase petrol from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
Wale Edun, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, affirmed that this policy change enables marketers to buy Premium Motor Spirit (PMS) from local refineries under mutually agreed terms. This, he noted, is a move intended to stimulate competition and improve overall market efficiency.
“We are open to sourcing products from various suppliers, including NNPC, traders, importers, and modular refineries,” commented Gillis-Harry, a representative from PETROAN.
He added that although details regarding the upcoming meeting with Dangote are not fully confirmed, there has been a marked improvement in response compared to previous communications. “We anticipate that PETROAN members will soon begin lifting products from the Dangote refinery, marking significant progress for us and the broader market,” he stated.
On the question of potential future price decrease, Gillis-Harry suggested that petrol prices could dip to around N700 per litre, depending on market dynamics. “An abundance of supply in Nigeria could lead to increased competition among sellers, resulting in lower prices as we all aim for minimal profit margins,” he elaborated.
In this context, IPMAN spokesperson Ukadike announced that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a bulk purchase license to independent marketers, permitting them to lift products directly from the Dangote refinery.
He underscored the urgency of implementing this license and the anticipated import license, emphasizing their roles in fostering healthy competition within the industry.
“The issuance of the bulk purchase license will ensure that all stakeholders compete on an equal footing, allowing us to buy products at reasonable rates,” Ukadike noted, expressing concerns about historically higher purchase prices that have stifled competition.
Addressing the issue of outstanding debts owed by the NNPC to oil dealers, Ukadike revealed that the leadership of NNPC has committed to processing overdue tickets and releasing funds that are currently trapped within their systems. He highlighted the financial difficulties.
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