Dangote: We make only N350,000 profit from N50m truckload of fuel – IPMAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN, on Friday said its members make only about N350,000 profit from a truck load of fuel which costs about N50 million.

IPMAN said it is tired of name calling by Nigerians following the back and forth exchanges between it and Dangote Refinery.

Yakubu Suleiman, National Assistant Secretary of IPMAN stated this on Friday while fielding questions on Arise Television’s Morning Show programme.

Suleman claimed the marketers are truly patriotic to Nigerians, adding that people would praise IPMAN if they understand the whole dynamics in the petroleum industry.

He said: “So when we go and buy at higher price and come and sell it high at what people are not expecting, they will start calling IPMAN.

“We are tired of this name calling of IPMAN.

“If people understand the dynamics, they would have praised IPMAN because independent marketers are truly patriotic to Nigerians.

“How much is even our profit? We spent up to N45 million to N50 million buying one truck. And we come and get about a profit of N350,000.

“How much is our expenses at the filling stations? We have to pay salaries and other expenses.

“People won’t believe it. We spent about N50 million and get only N350,000, at most N400,000.

“Some of us are getting these monies from banks. Everybody is aware of the prevailing interest rate now. So these are the issues.

“So what we asking from Dangote is, he’s new in the business, let him call a stakeholders’ meeting – IPMAN, MOMAN and DAPPMAN, so that we can sit down and serve Nigerians.

“He (Dangote) can’t do business in isolation. He needs people, especially IPMAN.”