Marketers reveals why petrol prices may crash soon

• Oil marketers are ready to begin talks with the Dangote refinery for direct petrol lifting from the facility
• Independent Petroleum Marketers Association of Nigeria (IPMAN) has scheduled a meeting with the refinery this week for product lifting
• The marketers have expressed optimism on the possible crash of petrol as marketers engage the facility directly

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) is ready for talks with Dangote Petroleum Refinery on Tuesday, October 15 and Wednesday, October 16, 2024, to agree on the cost and lifting of petrol from the facility.

On Sunday, October 13, the refinery also asked the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) to resend its request for direct petrol lifting.

Marketers agree to meet with Dangote refinery management for direct petrol lifting Credit: Bloomberg/Contributor
Source: UGC

FG gives the go-ahead to marketers to lift petrol

The development came as PETROAN expressed hope that the cost of petrol might crash in the coming days as competition in the downstream oil sector begins fully as marketers load the product from the refinery.

IPMAN described the expected agreement with the refinery as an essential step in its ongoing efforts to facilitate the lifting of petroleum products.

Legit.ng earlier reported that the Nigerian government approved marketers to begin lifting petrol directly from the Dangote Refinery without resorting to the National Petroleum Company Limited (NNPC).

Wale Edun, the Minister of Finance and Chairman of the Naira-for-Crude Sale implementation committee said marketers can now buy petrol directly from local refineries without going through intermediaries.

Marketers project new petrol prices

Punch reports that IPMAN's national publicity secretary, Chinedu Ukadike, disclosed that the association hoped to meet with officials of the Dangote refinery to discuss its upcoming robust business relationship with the $20 billion refinery.

He disclosed that IPMAN had acquired tank farms to expand its storage facilities and address a challenge that had previously hindered its operations.

The report disclosed that PETROAN President Billy Gillis-Harry disclosed that the refinery had asked his members to resend their request for petrol lifting.

Gillis-Harry expressed hope that, depending on market volatility, the product price can crash to N700 per litre. However, this only sometimes means upward prices.

Regarding the N15 billion debt owed to IPMAN members, Ukadike disclosed that the NNPC boss has agreed to load all the association’s tickets in their system and unlock the money.

NNPC, IPMAN face-off could lead to high petrol prices

Legit.ng previously reported that the IPMAN had raised concerns over imminent petrol scarcity despite increasing prices.

IPMAN said its members and the Nigerian National Petroleum Company Limited (NNPC) management disagreed.

IPMAN national publicity relations officer Okanlawon Olanrewaju disclosed that the current price at which NNPC sells petrol to marketers is too exorbitant and might cause another fuel scarcity.

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Source: Legit.ng