The Independent Petroleum Marketers Association of Nigeria is preparing for discussions with Dangote Petroleum Refinery to finalize agreements on petrol cost and lifting from the plant. The Petroleum Retail Outlet Owners Association of Nigeria has been requested by the refinery to resend its petrol lifting request. PETROAN is hopeful that petrol prices may decrease as competition in the downstream oil sector intensifies.
IPMAN views the agreement with Dangote refinery as vital to facilitating petroleum product lifting, contributing to the country’s fuel supply chain efficiency. The Federal Government has authorized petroleum marketers to directly lift petrol from Dangote refinery. This move aims to enhance market competition and efficiency.
IPMAN’s National Publicity Secretary mentioned plans to meet with Dangote refinery officials for potential collaboration. The association has secured tank farms to improve storage facilities, overcoming previous operational obstacles. President PETROAN discussed the need to resend the petrol lifting request to Dangote and expressed optimism about future product availability.
Both IPMAN and PETROAN anticipate a reduction in petrol prices due to market dynamics. The Nigerian Midstream and Downstream Petroleum Regulatory Authority issued bulk purchase licenses to independent marketers for off-taking from Dangote refinery. IPMAN called for government support through an energy bank to alleviate financial constraints on marketers, considering the significant investment required in purchasing petrol.