The Independent Marketers Association of Nigeria (IPMAN) has turned to the Dangote Petroleum Refinery, following a significant 4.7% rise in the depot price of Premium Motor Spirit (PMS), commonly known as petrol.
The price surged from N907 per litre last Friday to N950 per litre.
The increase is linked to the rising cost of crude oil, which jumped to $80 per barrel this week, up from $73 per barrel the previous week.
In an interview with the IPMAN’s Public Relations Officer, Mr. Chinedu Ukadike, explained, “We have encouraged our members to buy from Dangote Refinery. We cannot continue to depend on depot owners to supply our products, especially when we can purchase directly from the refinery.”
The minimum purchase requirement from the Dangote Refinery is two million litres at N909 per litre. Marketers can also purchase from MRS, which distributes Dangote refinery.
IPMAN’s National President, Alhaji Garima, added: “Our members still buy from the Nigerian National Petroleum Company Limited (NNPCL) at N899.50 per litre. For now, the portal to purchase the product is closed. We are now buying a high volume of petrol through the Dangote/MRS arrangement because it is more affordable.”
He noted that while some marketers still buy from private depots, the Dangote arrangement offers the best pricing. He cited MRS’s incentive program, which allows marketers purchasing petrol in Lagos and transporting it to Kano to pay N850 per litre, enabling some to sell at N935 per litre.
Garima further urged marketers to pool resources to buy directly from Dangote Refinery, emphasizing that with the end of petrol subsidies, prices are no longer fixed.
