Dangote petrol price at N990/litre reason Nigerians can’t buy cheaper fuel – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that Nigerians should be able to buy Dangote Refinery’s locally made Premium Motor Spirit (Petrol) at a cheaper price than the current ex-depot prices of N960 and N990 per litre.

The spokesperson for IPMAN disclosed this in an exclusive interview with DAILY POST on Monday.

His comment follows a statement on Sunday by Dangote Group spokesperson, Anthony Chiejina, who indicated that Dangote Petrol is sold at N960 per litre for ships and N990 per litre for trucks.

The company also alleged that those who claim to be importing PMS at cheaper prices are importing substandard products.

Additionally, Dangote Refinery alleged that there is an international oil firm that blends and sells substandard petrol to the Nigerian market.

Reacting to the pricing structure of Dangote’s petrol, Ukadike stated that the prices set by the 650,000 barrels per day refinery encourage importation.

According to him, the ex-depot prices for Dangote Petrol should be cheaper to discourage imports.

He criticized the slim margin between the price of Dangote Petrol and imported fuel.

Ukadike called on the government to establish a presidential committee to resolve petrol price challenges.

“The most important thing in a deregulated economy is competition. Competition should be allowed.

“We expect a cheaper price than N960 and N990 per litre for Dangote Refinery; that is the bottom line. Dangote Petrol ought to be significantly cheaper to discourage imports. If you are selling Dangote Petrol at a price that makes people consider importing the product, there is an issue.

“If at the end of the day, imported fuel is sold at N1,040 while Dangote sells at N990 per litre (for trucks) before reaching end users, it indicates a problem. Either the refiner or importers are not being truthful.

“The government should set up a presidential committee to address issues between the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and Dangote,” he told DAILY POST.

Ukadike described as baseless the claims by Dangote Refinery regarding the import of substandard fuel into the country by petroleum marketers.

“It is the exclusive function of NMDPRA to regulate the sector, and to the best of my knowledge, they are doing well.

“Don’t forget NMDPRA previously stated that Dangote Refinery’s products are substandard. So Dangote Refinery’s latest statement is based on this direction.

“Months ago, I recall one or two stations raising the issue of bad fuel; since then, the issue was addressed. There have been no complaints that marketers imported bad fuel since that time.

“I see the allegations of substandard fuel being imported into the country as unfounded and baseless,” he told DAILY POST.

DAILY POST reports that while NNPCL retail outlets sell PMS between N1,025 and N1,060, other filling stations sell between N1,115 and N1,300 nationwide.

Earlier, IPMAN had hinted at plans to source cheaper petrol for Nigerians amid the higher ex-depot prices of Dangote Petrol.

Recall that following the lifting of Dangote Petrol on September 15, 2024, NNPCL hiked fuel prices. There have been several petrol price hikes since then, raising prices to between N1,025 and N1,300 per litre.