IPMAN reveals why there will petrol price crash soon

• Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that there may be some reduction in petrol prices soon
• The association’s president, Abubakar Maigandi, said that DSS intervention has led to the possible crash in petrol prices
• He said the price reduction will be effected in Lagos, Calabar, and Warri as they begin petrol lifting from Dangote Refinery

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed hope that, with ongoing talks with the Dangote Refinery and the intervention of the Department of State Security Services (DSS), petrol prices may be reviewed downward.

IPMAN’s national president, Abubakar Maigandi, disclosed this on Wednesday, October 16, 2024, during the inauguration of a national monitoring/surveillance team on illegal oil bunkering and other sharp practices

Independent oil marketers promise to crash petrol prices soon Credit: Bloomberg/Contributor
Source: UGC

Price crash coming in Lagos, two other states

Maigandi disclosed that the expected potential fuel reduction led to the intervention of the DSS director, Kayode Ajayi, oil marketers and the NNPC.

He said the issue is being settled, and there may be a slight reduction in Lagos, Calabar, Warri and Port Harcourt.

According to him, the marketers received a slight reduction. He stated that they are still negotiating with Dangote Refinery to see how they can start getting direct supplies.

Marketers continue talks with Dangote Refinery

Maigandi stated that the association had begun negotiations and that the DSS instructed the NDMPRA to issue import licenses to petroleum marketers and issue licences with which they can load products from the Dangote Refinery.

Regarding the refund of the funds left with NNPC, he said the association was still in talks with the national oil firm and would start loading petrol soon.

Leadership reports that the IPMAN boss said that using the task force became critical due to the wrong name the association was getting from Nigerians.

NNPC sells petrol to marketers at new rate

Legit.ng earlier reported that the NNPC has agreed to sell petrol to Independent Petroleum Marketers Association of Nigeria (IPMAN) members at N995 per litre.

The development comes amid the Department of State Services intervention in the face-off between the marketers and the state oil firm.

Hammed Fashola, IPMAN’s national vice president, disclosed that the DSS intervention solved several marketers' problems.

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Source: Legit.ng