Nigeria’s petroleum marketers are scheduled to meet with the Dangote Refinery on Tuesday and Wednesday, according to Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN). In an interview with Arise TV, Ukadike expressed optimism that actions taken regarding petrol distribution would result in a price drop for Nigerians.
The meeting follows recent developments allowing oil marketers to directly purchase petrol from the Dangote Refinery, ending Nigerian National Petroleum Company Limited’s (NNPCL) exclusive role as the sole buyer. This decision, announced by Wale Edun, the Minister of Finance, aims to introduce more competition in the market.
Ukadike emphasized that IPMAN is prepared to compete, stating, “We are not afraid of this competition, we have organized ourselves and are ready to compete because this is the survival of the fittest.”
This comes after NNPCL raised the petrol pump price to N1,030 per liter in Abuja, up from N879, reflecting September’s increase from N617 per liter. The discussions with Dangote Refinery are anticipated to provide new pricing templates that may alleviate the rising fuel costs for Nigerians.
