After Dangote refinery deal, marketers turn to petrol price crash and ask Nigerians to be patient

• The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said petrol prices will soon fall
• The National Publicity Secretary of IPMAN, Chinedu Ukadike, said Nigeria is moving towards complete deregulation of the petroleum industry
• He stated that the current pain caused by gasoline shortages and high prices will soon subside as supply stabilizes

Legit.ng’s Pascal Oparada has reported on technology, energy, stocks, investments and the economy for more than a decade.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the current fuel shortage in Nigeria will end and high petrol prices will eventually be reduced.

The Independent’s national PR officer Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said high petrol prices and scarcity are expected as the country moves towards complete deregulation

The Dangote refinery’s petrol supply is inadequate

Ukadike said the country is transitioning from a regulated market to a free market, stating that the Dangote refinery is under-supplying the market.

New Telegraph reports that the IPMAN spokesperson said the association is in talks with the $20 billion refinery to integrate its members to sell fuel from the plant, and stated that there would be positive news soon.

Gasoline prices will soon collapse

According to Ukadike, it will take some time for the issues to be resolved, adding that petroleum products have been deregulated in the country.

He expressed optimism that prices of petroleum products will decline over time.

Dangote starts delivering directly to marketers

The development came after the Dangote refinery started deliver gasoline directly to marketers, bypassing the Nigerian National Petroleum Company Limited (NNPC).

An earlier report by Legit.ng shows that marketers are strengthening their decision to purchase the product directly from the facility. While others imported petrol, reports say it is over 123 million liters will hit the market in the coming weeks.

Legit.ng previously reported that four ships loaded with PMS arrived in Lagos and Calabar ports between Friday October 18 and Sunday October 20, 2024.

According to the report, the Nigerian Ports Authority (NPA) document showed that about 123.4 million liters of petrol had been docked at the two ports to augment national petrol supply. An earlier report also stated that dealers plan to import the product to supplement the Dangote refinery’s supply.

Dangote refinery ships gasoline to Lagos

Legit.ng also reported that the Dangote Petroleum Refinery has recorded its first shipment of gasoline by sea, about 500,000 barrels.

The refinery in Ibeju Lekki, Lagosrecorded the milestone a month after it started using trucks to deliver gasoline.

Bloomberg reports that the gasoline was shipped via Sabaek last week

Source: Legit.ng