Fuel Scarcity and Price Hike Woes Continue: IPMAN Reacts to Petrol Shortage
A new wave of fuel prices has hit Nigeria, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) coming out to address the issue. The association claims that the price of fuel from Dangote Refinery is higher than from other sources, leading them to seek cheaper options.
According to Yakubu Suleiman, National Assistant Secretary of IPMAN, it is only fair for members to go where the price is lower and where they can make a profit. He emphasizes that the body can only advise its members to buy from where the product is cheaper.
‘Prices are determined by international pricing. Dangote is supposed to be transparent about the price it plans to sell its product,’ Suleiman explained. ‘But he cannot be able to do that unless he engages with stakeholders. And you cannot just say, “We must only buy from his own depot.” IPMAN cannot just sit down and say, “We will tell our members, all of you go to Dangote Refinery and buy your product and load”. We cannot just do that. This is a deregulated system.’
IPMAN’s stance is clear: they need to source products from where they are cheaper, and then inform their members to load from the depot where the price is lower. If Dangote is selling at N1000 and another depot is selling at N900, IPMAN can’t just say that its members should buy from Dangote, as it’s not profitable.
In the deregulated market, petrol prices vary across filling stations, with some maintaining similar rates. Major oil marketers have increased the price of Premium Motor Spirit (PMS) from N1,010 to N1,050 per liter, reflecting a 4% increase in Lagos and surrounding regions. Independent marketers have also adjusted their prices, ranging from N1,100 to N1,200 per liter.
In a statement, Dangote Refinery has dismissed claims by IPMAN that its members are experiencing difficulties loading refined products from its facility as misleading. The refinery stressed that there is no direct dealing with IPMAN, and it has not accepted any money from the association for petroleum purchases.
In other news, the Nigerian Ports Authority has announced that seven ships are scheduled to arrive at Lagos ports on Friday, carrying various petroleum products, including diesel, crude oil, bulk urea, petrol, and aviation fuel. The remaining two vessels are expected to arrive with containers of assorted goods. The ships will dock at multiple terminals, including Sifax, ENL Consortium Terminals, and Apapa Bulk Terminal (ABT) in Lagos.
