The Chief Executive Officer of Petroleumprice.ng has visited the President of the Independent Petroleum Marketers Association of Nigeria, with both parties reaching an agreement to collaborate on improving access to real time petroleum pricing data for independent marketers.
The meeting focused on addressing pricing inefficiencies within Nigeria’s downstream sector, particularly the challenges marketers face in tracking frequent depot price changes across the country.
During the engagement, the Petroleumprice.ng CEO said the platform currently monitors petroleum product prices across major depots, including Lagos, Port Harcourt, Warri and Calabar, providing timely updates to subscribed users. He noted that rapid price movements, especially from key market operators such as Dangote Petroleum Refinery, have made access to real time data increasingly critical for marketers.
According to him, delays in obtaining accurate pricing information often expose marketers to losses, while timely updates enable quicker decision making on purchases and pricing adjustments.
Subscription Model and Revenue Sharing
As part of the proposed collaboration, both parties outlined a subscription-based model that would allow IPMAN members to access Petroleumprice.ng’s pricing platform directly.
Under the arrangement, marketers who subscribe to the platform would pay a subscription fee of around ₦10,000, granting them access to real-time depot prices.
The CEO explained that some IPMAN members are already subscribed to the platform, but the partnership would formalize access across the association and create a structured system for information distribution.
He added that the initiative is designed to ensure that marketers are consistently informed of price movements, enabling them to make more accurate purchasing decisions and better manage margins.
IPMAN Backs Collaboration to Improve Market Transparency
In response, the IPMAN President commended the platform’s role in supporting marketers with timely pricing information, noting that such data has become an important tool in navigating the current market environment.
He stated that access to reliable pricing updates has helped marketers respond to fluctuations and engage more effectively with suppliers, particularly in situations involving inconsistent depot pricing.
The association expressed support for the proposed partnership, describing it as a practical step toward enhancing transparency and protecting the interests of independent marketers.
Both parties indicated that further discussions would be held to finalize the framework for implementation, including onboarding processes and system integration for members nationwide.