Fuel Prices Set to Drop as IPMAN and Dangote Refinery Strike New Supply Agreement

The pump price may crash further following the conclusion of an agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Dangote Refinery regarding the lifting of the product.

This agreement comes after a series of back-and-forths between the parties.

Investors King reported that the independent marketers had accused Dangote of selling petrol at a higher price than foreign refineries leaving the marketers no choice but to import the product to avoid scarcity.

This development prompted Aliko Dangote, the founder of Dangote Refinery, to urge the Federal Government to ban the importation of petrol.

The Africa’s richest man revealed that he had over 500 million litres of petrol stored in his refinery while lamenting the impact of the oil marketer’s refusal to lift the product from his refinery.

In a later statement, Dangote refuted claims of selling petrol at a higher price, noting that his petrol was the cheapest.

Dangote stressed that any product cheaper than his is substandard.

However, announcing the latest agreement during a press briefing in Abuja on Monday, IPMAN’s National President, Abubakar Garima, said the partnership, which allows oil marketers to lift petrol directly from Dangote Refinery would ensure a steady and affordable supply of PMS products nationwide.

IPMAN said, “After meeting with Aliko Dangote and his management team in Lagos, we are pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets.”

Garima advised oil marketers to support Dangote and by so doing support the renewed hope agenda of President Tinubu.

He noted, “IPMAN members should rely on Dangote Refinery and Nigerian refineries for white products, creating more job opportunities and supporting President Bola Tinubu’s renewed hope agenda.”

The latest development concludes several months of negotiations between both parties and is expected to increase efficiency, affordability, and economic growth.

This announcement has brought hope and relief to Nigerians who have expressed the belief that the partnership will help bring an end to fuel scarcity in the country.