Fuel Price Relief In Sight As IPMAN, Dangote Refinery Close In On Major Agreement

Fuel Price Relief In Sight As IPMAN, Dangote Refinery Close In On Major AgreementThe National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, has assured Nigerians that negotiations with Dangote Refinery for direct petrol supply from its 650,000-barrel-per-day facility are progressing well and will be concluded soon.

According to Naija News, Maigandi confirmed that talks with Dangote Refinery are ongoing, and expressed optimism that an agreement would soon be finalized.

Speaking during the inauguration of a task force aimed at combating oil bunkering, pipeline vandalism, and other illegal activities in Abuja on Wednesday, Maigandi also disclosed that IPMAN had resolved its pricing dispute with the Nigerian National Petroleum Company Limited (NNPCL). He stated that the association is now focused on securing a partnership with Dangote Refinery.

“We are happy to report that we are nearing the final stages of discussions to lift petrol directly from Dangote Refinery. We have recovered our funds from NNPCL and are negotiating with Dangote and other stakeholders to begin direct sourcing of products from the refinery,” Maigandi said.

He mentioned that the ongoing negotiations with Dangote Refinery were facilitated by the intervention of the Director-General of the Department of State Services (DSS).

In addition, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has been instructed to provide IPMAN with the necessary import and off-take licenses.

Oil marketers have long been pushing for direct loading from the Dangote Refinery since the government’s complete deregulation of the petroleum sector.

Despite progress, concerns remain over whether the refinery can meet local demand, which may result in the need to supplement with imported petrol.

A source confirmed to The PUNCH that a meeting between oil marketers and Dangote officials earlier this week did not conclude with a final agreement, and another meeting involving IPMAN representatives is set for Thursday in Lagos to continue discussions.

Maigandi also reaffirmed IPMAN’s commitment to supporting the government in its fight against economic saboteurs who exploit the nation’s resources.

He highlighted the task force as a crucial initiative to address oil-related economic sabotage, which is deepening the country’s economic woes.

“Our association plays a critical role in the downstream oil sector, handling over 80% of the distribution chain. As such, it is vital that we address the issue of economic sabotage. This task force, which comprises members from all 36 states, is set to change the perception that some of our members are involved in these illegal activities. We will ensure that those responsible are held accountable,” Maigandi added.