See more as Oil marketers confirm actual Dangote Refinery petrol prices

2 months ago 73

Marketers have reacted to new petrol prices announced by the Nigerian National Petroleum Company Limited (NNPCL)
IPMAN said that although NNPC still sells petrol lower than what was announced, it bought from the Dangote refinery
The reason prices have not changed at filling stations is due to other factors, which include transportation and logistics costs

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) is currently selling petrol at N895 per litre to marketers.

The association stated that the price sold to marketers by NNPC is cheaper than N898 per litre NNPC said it paid Dangote Refinery.

Chinedu Ukadike, the National Public Relations Officer of the IPMAN, disclosed this while speaking on on AriseTv when he defended why the marketers are yet not buying from Dangote refinery.

His words:

"Independent marketers are buying at prices lower than what the NNPC publication stated, so we are very concerned. "As marketers, we are looking for ways to obtain the product at a cheaper rate. If the NNPCL claims it is purchasing the product at N898 from Dangote, which is far lower than what is displayed on our portal, it becomes difficult for marketers to cope when buying directly."We are caught up in this price issue; what we want is petrol that is cheaper in the market. The NNPCL, through their portal, sells at N895 from Port Harcourt. The prices vary at depots based on location."We are comfortable with that price and have adjusted our prices at the pump to reflect costs associated with transportation and logistics. This adjustment allows us to accommodate logistics and haulage prices so we can make a profit." "“With the deregulation process, all marketers can set their prices based on their source of purchase and the circumstances of bringing the product to their stations.

Sell to us to reduce petrol prices

Ukadike said that independent marketers are ready to buy directly from Dangote.

"We want to buy directly from Dangote Refinery; NNPCL is too small for us to be dependent on them. We control over 80% of filling stations. The refinery should sell to us directly, and that will create competition. We have the capacity to purchase 25 million litres daily."If this is implemented, fuel queues will disappear. Diesel and aviation fuel are sold to us directly, so why not petrol?"If Dangote Refinery sells directly to us in bulk, there will be competition, which will help reduce prices, as marketers will be eager to sell quickly to customers. Relying on NNPCL will not solve the problem."