Direct lifting of Dangote Petrol will crash fuel prices in Nigeria – Marketers

Petroleum marketers have said that there will be a drop in prices of Premium Motor Spirit (Petrol) once they start direct lifting of products from the Dangote Refinery.

The Spokesperson for the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike disclosed this during an interview with Channels Television on Tuesday.

His comments come as Nigerians buy Petrol between N950 and N1,100 following Nigerian National Petroleum Company Limited’s recent price adjustment after lifting fuel from Dangote Refinery on September 15.

However, Ukadike assured Nigerians that upon the commencement of the direct lifting of Petrol by his members from Dangote Refinery, the price would drop.

He added that IPMAN would meet Dangote Refinery within this week or next to conclude discussions on the direct lifting of petrol from the $20 billion Lagos-based refinery.

“So, it is pertinent that Dangote should discuss this with independent marketers, and I want you to know that immediately after we discuss and commence direct lifting of product from Dangote, the issue of pricing and differential in pricing will be gone. What we are seeing here is price disparity.

“But if IPMAN becomes independent, prices will drop. Because it will give us the opportunity for possible competition because we will no longer be depending on another source to get products”, he stated.

This comes as Aliko Dangote, the President of Dangote Group in an interview with Bloomberg Television on Monday said his petrol is cheaper than the imported one.

Direct lifting of Dangote Petrol will crash fuel prices in Nigeria – Marketers