In a move aimed at easing the burden of soaring petrol prices, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured Nigerians that a drop in Premium Motor Spirit (PMS) prices will occur once independent marketers begin direct lifting from the Dangote Refinery.
The reassurance came from IPMAN’s spokesperson, Chinedu Ukadike, during an interview on Channels Television’s “Morning Brief”.
Ukadike explained that the ongoing discussions between IPMAN and Dangote Refinery would soon pave the way for independent marketers to source petrol directly from the refinery, breaking the monopoly currently enjoyed by the Nigerian National Petroleum Company Limited (NNPCL).
Recent petrol price hikes, which have seen rates soar to ₦950 per litre in Lagos and as high as ₦1,000 per litre in parts of northern Nigeria, have placed significant financial strain on consumers.
Ukadike highlighted that the price surge followed the commencement of NNPCL’s exclusive lifting of products from the refinery.
However, he expressed optimism that IPMAN’s direct involvement in product distribution would drive competition and lead to significant price reductions.
“It is just very simple. It shows that the liberalisation of the market is on course,” Ukadike said. “There is no way Dangote Refinery will be producing petrol in Nigeria without considering IPMAN as one of its strategic stakeholders.”
Ukadike further emphasised IPMAN’s extensive reach, with independent marketers owning about 85 percent of Nigeria’s filling stations.
He pointed out that this wide network makes IPMAN a critical player in ensuring equitable product distribution across the country, particularly to remote and underserved areas.
The spokesperson also noted the association’s previous success in lowering prices when IPMAN began sourcing diesel directly from Dangote.
“When we started buying AGO [diesel], prices dropped from N1,600 to around N1,000 to N1,100. The same can happen with petrol once we start direct lifting,” he added.
Ukadike stressed the importance of a competitive market, asserting that if IPMAN were granted full independence in product sourcing, it would eliminate price disparities and lead to a more stable market.
While Nigeria’s fuel market remains deregulated, Ukadike underscored the need for equitable access to resources for all players.
“This is a deregulated economy, and every stakeholder should be given equal opportunity,” he concluded.
As the discussions between IPMAN and Dangote Refinery progress, consumers will be watching closely, hopeful that the move could finally bring much-needed relief at the fuel pumps across the country.
*This piece was contributed by Affiong Bassey