IPMAN Raises Concerns Over Dangote Refinery Petrol Pricing....KINDLY READ THE FULL STORY HERE▶

Concerns have emerged from the Independent Petroleum Marketers Association of Nigeria (IPMAN) regarding the pricing of petrol from the Dangote Refinery. The association has urged the Nigerian National Petroleum Company Limited (NNPCL) to ensure that the price of locally refined petrol does not exceed that of imported fuel.

IPMAN argues that a significant price disparity between imported and locally refined petrol would undermine Nigeria’s efforts to achieve energy self-sufficiency. John Kekeocha, IPMAN’s National Welfare Officer, expressed these concerns on Channels Television’s The Morning Brief on Monday. He emphasized that the pricing strategy for petrol produced in Nigeria should reflect the advantages of domestic production, making it a more affordable option for Nigerians.

“If NNPC can sell Dangote products higher than the imported products, then it doesn’t make sense. What is the celebration we are having all this while then?” Kekeocha questioned. The association stressed that maintaining competitive pricing is essential for the success of the Dangote Refinery and for establishing a sustainable fuel market in Nigeria.

The NNPCL recently began loading petrol from the Dangote Refinery, stating that it acquired petrol at N898 per litre. Prior to this, NNPCL retail outlets in Lagos sold petrol for approximately N855. However, petrol from the Dangote Refinery is currently being sold at N950 per litre in Lagos and N1,019 in Borno State.

Despite the NNPCL’s claims, Dangote Refinery has refuted the pricing assertion. Anthony Chiejina, a spokesman for the refinery, described the NNPCL’s statement as “misleading and mischievous.” He clarified that the refinery sold products to the NNPCL in dollars, which reportedly resulted in savings compared to current import prices. Chiejina further stated that this pricing strategy would ensure petrol availability in every local government area across the country, including remote locations.

Nigeria, Africa’s most populous nation, is grappling with severe energy challenges. Currently, all state-owned refineries are non-operational, forcing the country to rely heavily on imported refined petroleum products. The NNPCL remains the major importer of these essential commodities. Since the removal of fuel subsidies in May 2023, petrol prices have surged dramatically, tripling from around N200 per litre to over N1,000. This increase has compounded the struggles of Nigerian citizens, many of whom rely on petrol to power their vehicles and generators amid chronic electricity supply issues.