The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended the recent reduction in the price of Premium Motor Spirit (PMS) by Dangote Refinery, restating its importance in fostering market competition.
On Sunday, Petroleumprice.ng reported that Dangote Refinery reduced petrol prices by ₦20, lowering the cost from ₦990 per litre to ₦970 per litre.
IPMAN President, Shettima Maigandi, described the price cut as a reflection of the industry’s competitive landscape, benefiting both marketers and consumers. He assured Nigerians that independent marketers would also reduce pump prices following the refinery’s move.
“The price cut is good information for independent petroleum marketers. Now, we have a good product that we can discharge in our filling stations and sell to the Nigerian masses. We are also going to cut our prices immediately we start taking the reduction in price of the product from Dangote refinery,” he stated.
Meanwhile, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated the Federal Government’s support for the Nigerian National Petroleum Company Limited (NNPCL) and FIRST Exploration & Petroleum Development Company Limited (FIRST E&P) Joint Venture (JV) in its quest to achieve a production target of 100,000 barrels per day (bpd).
Lokpobiri stressed that meeting the 100,000bpd target would significantly contribute to the Federal Government’s broader goal of attaining a 2.5 million barrels per day (mbpd) production capacity by 2025.
He urged host communities to maintain a peaceful and cooperative environment to ensure smooth operations. “Their support is key to increasing production and meeting ambitious targets,” Lokpobiri emphasized.
The Minister’s activities included a tour of Abigail-Joseph, the JV’s Floating Production Storage and Offloading (FPSO) vessel, inspections of the Anyala OML 83 and Madu OML 85 Conductor Supported Platforms (CSPs), and a visit to the JV’s Ogu Logistics Base. He also participated in a Host Community Stakeholders Engagement meeting in Yenagoa, Bayelsa State.
Bala Wunti, Chief Upstream Investment Officer of NNPCL Upstream Investment Management Services (NUIMS), represented by Olanrewaju Igandan, Head of Joint Venture Investment Management at NUIMS, lauded FIRST E&P and its partners for their progress over the past decade. He highlighted their production milestone of over 50 million barrels of oil since achieving first oil in 2020, noting its significant contribution to national revenue through royalties, taxes, and community development initiatives.
