The Independent Marketers Association of Nigeria has switched to the Dangote Petroleum Refinery after a significant 4.7% rise in the depot price of Premium Motor Spirit, or petrol.
The price increased from N907 per litre last Friday to N950 per litre, driven by the rising cost of crude oil, which surged to $80 per barrel this week from $73 per barrel the previous week.
IPMAN’s Public Relations Officer, Mr. Chinedu Ukadike, explained in an interview with Vanguard, “We have encouraged our members to buy from Dangote Refinery. We cannot continue to depend on depot owners to supply our products, especially when we can purchase directly from the refinery.”
The Dangote Refinery has set a minimum purchase requirement of two million litres at N909 per litre.
Marketers also have the option to purchase petrol from MRS, which distributes fuel from the Dangote Refinery.
“Our members still buy from the Nigerian National Petroleum Company Limited (NNPCL) at N899.50 per litre. For now, the portal to purchase the product is closed. We are now buying a high volume of petrol through the Dangote/MRS arrangement because it is more affordable,” IPMAN’s National President, Alhaji Garima, added.
He mentioned that although some marketers continue to purchase from private depots, the Dangote arrangement provides the most competitive pricing.
He highlighted MRS’s incentive program, which allows marketers to buy petrol at N850 per litre in Lagos and transport it to Kano, enabling them to sell at N935 per litre.
Garima also encouraged marketers to pool their resources to buy directly from the Dangote Refinery, stressing that with the end of petrol subsidies, prices are no longer regulated.
