The Independent Petroleum Marketers Association of Nigeria (IPMAN) has officially started loading Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Refinery. This development follows a key agreement reached between stakeholders, including independent oil marketers and officials of Dangote Petroleum Refinery, on Tuesday regarding the pricing and procedures for lifting petrol from the facility.
On Saturday, sources from Petroleumprice revealed that the $20 billion Lekki-based refinery requested the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) to resend its application for petrol lifting. PETROAN expressed optimism that petrol prices could decrease in the coming days, as competition in the downstream oil sector intensifies with marketers now lifting the product directly from the refinery.
IPMAN hailed the agreement with Dangote Refinery as a significant move in its ongoing efforts to streamline the lifting of petroleum products, contributing to the stability and efficiency of Nigeria’s fuel supply chain.
Earlier this month, the Federal Government granted petroleum marketers permission to lift petrol directly from the Dangote Refinery, bypassing the Nigerian National Petroleum Company Limited (NNPCL).
Wale Edun, the Minister of Finance and Chairman of the Naira-Crude Sales Implementation Committee, confirmed the shift in policy, stating, “Going forward, petroleum product marketers can now purchase PMS directly from local refineries without NNPC’s intermediary role. Marketers are encouraged to negotiate commercial terms with refineries, which will promote competition and improve market efficiency.”
On Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, provided an update, noting that the association looks forward to discussions with Dangote Refinery officials to establish a healthy business relationship as they begin petrol loading operations.
