Why Dangote Petrol Has Not Been Lifted by Our Members – IPMAN

On the backdrop of a contemporary controversy over lifting of petrol from Dangote Refinery, the Impartial Petroleum Entrepreneurs Affiliation of Nigeria, IPMAN, has mentioned it’s nonetheless negotiating with the refinery on phrases for the lifting.

President of the Refibery, Alhaji Aliko Dangote, has alleged that the Nigerian Nationwide Petroleum Firm Restricted, NNPCL, together with different petroleum entrepreneurs have been importing petrol from different refineries outdoors the nation whereas refusing to return to his facility to carry merchandise.

Dangote added that his refinery has 500 million litres of petrol in storage, adequate for home wants.

However the Public Relations Officer of IPMAN, Chief Chinedu Ukadike, advised Vanguard that the unbiased entrepreneurs haven’t but begun direct sourcing from the Dangote Refinery, including that talks with the refinery are ongoing.

He said: “We haven’t acquired merchandise from Dangote Refinery but, however the processes are underway, and I’ll replace you as soon as they’re finalized.”

He added, “The product isn’t out there to unbiased entrepreneurs but. I believe he (Dangote) is adopting a scientific advertising strategy, however our discussions are progressing.”

In a associated improvement, he famous that the hike in pump worth of petrol by NNPCL two days in the past shouldn’t be a shock to the folks due to market forces.

He said: “Individuals shouldn’t be stunned. Deregulation is pushed by demand and provide elements, and your provide supply will dictate the promoting worth.”

In the meantime, regardless of the N30 per litre pump worth mark up (a 3% hike) to N1, 060 per litre in Abuja, entrepreneurs have largely maintained their October, 2024 costs.

Checks by Vanguard within the nation’s capital confirmed that main entrepreneurs, corresponding to Conoil and TotalEnergies, continued to promote at N1,109, whereas others like NIPCO (N1,115), Adova Plc (N1,125), and most unbiased entrepreneurs (N1,150-N1,230) have stored the costs set initially of October.

NNPC had beforehand raised petrol costs by 14.8% on October 9, 2024, growing the speed from N897 to N1, 030 per litre following the Federal Authorities’s resolution to finish the petrol subsidy. This improve contradicted expectations that the “crude-for-Naira” deal between the Federal Authorities and Dangote Refinery would cut back pump costs beginning October 1, 2024.

The newest hike got here on the heels of a earlier worth leap on September 3, 2024, when NNPC raised the petrol worth by 45% from N617 to N897 per litre.

Supply: Vanguard