Dangote meets Tuesday with marketers over the new fuel price.

In order to finalize agreements on the price and lifting of gasoline from the plant, the Independent Petroleum Marketers Association of Nigeria is scheduled to have meetings with Dangote Petroleum Refinery on Tuesday and Wednesday.

On Sunday, it was discovered that the $20 billion refinery located in Lekki had requested that the Petroleum Retail Outlet Owners Association of Nigeria submit its request for gasoline lifting again.

As marketers load the commodity from the refinery, PETROAN voiced optimism that the price of gasoline would drop in the upcoming days once the rivalry in the downstream oil industry fully develops.

The anticipated agreement with the Dangote refinery, meantime, was hailed by IPMAN as a significant milestone in the association’s continuous efforts to ease the lifting of petroleum products and bolster the stability and effectiveness of the nation’s fuel supply chain.

Petroleum marketers now have the ability to obtain fuel directly from the Dangote refinery, bypassing the Nigerian National Petroleum Company Limited, according to a permission issued by the Federal Government last week.

In a statement, Wale Edun, the Minister of Finance and Chairman of the Naira-crude sale implementation committee, stated that petroleum product merchants could now buy PMS (petrol) straight from local refineries without NNPC acting as an intermediary.

In order to foster competition, marketers are urged to start making direct purchases from refineries under commercial terms that are mutually negotiated.

In an update on Sunday, IPMAN’s National Publicity Secretary, Chinedu Ukadike, stated that the association was prepared to start a positive commercial relationship with the refinery and hoped to meet with Dangote refinery executives for a conversation.

In an interview that our correspondents saw on Arise TV, Ukadike stated that the organization had purchased tank farms to improve its storage facilities, resolving an issue that had previously hampered operations.

“We hope to meet with Dangote on Tuesday or Wednesday, and if they provide us with a price or template, we will proceed with Dangote,” he stated. I want to reassure you that we are capable of handling whatever Dangote throws at us. I’m not sure why they are taking a long time to talk to marketers; perhaps politics are to blame.

We are not afraid of this competition; we have organized ourselves and are prepared to compete since this is a race in which the fittest will survive. The more distribution lines we implement, the more the price will decrease.

“The problem of not having tank farms has been resolved. We now have farm tanks, and we will distribute our products to our marketers wherever Dangote promises to give them to us.”

Billy Gillis-Harry, the president of PETROAN, informed The PUNCH that his organization has been invited to submit their request to remove gasoline from the plant again.

We have corresponded with Dangote on multiple occasions, and they are completely conscious of the actions taken by PETROAN. We are waiting for a meeting that one of the executive directors there phoned to say they would like to schedule one with us. We’re hoping to accomplish it this week.

All of them, including NNPC, dealers, importers, Dangote refinery, modular refineries, etc., are welcome to supply us with goods. We are pursuing it, then. Although we haven’t heard back from Dangote regarding the meeting, we have resent our request as instructed.

And compared to earlier, when they were merely remaining silent, I believe it is a favorable response. Thus, PETROAN members ought to begin removing goods from the Dangote refinery at any moment, and it is excellent news for all of us. said Gillis-Harry.

The PETROAN president went on to say, “The price can be knocked down to N700/litre; it depends on the volatility of the market and this does not always mean upward prices, it could also mean prices coming down.” in response to a question on whether gas prices might decline in the future.

“Obviously, everyone will be seeking for the smallest possible profit if there is a large supply and a large number of products in Nigeria. Since turnover is the main goal of our firm, some may lower their pricing.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, according to IPMAN spokesperson Ukadike, has granted independent marketers a bulk buy license so they can off-take from the Dangote refinery.

The NMDPRA possesses granted independent merchants a license to purchase in bulk from the Dangote refinery. We want this to go into effect right now. In order for us to import, we have also been promised an import license. These are the deregulation-related elements.

By putting it into practice, you have aligned all the players to ensure healthy competition. It does not prioritize some above others. How can we claim competition when we purchase goods for N1,040? Its goal is to weaken us and turn us into NNPC’s and its suppliers’ dependents.

Our national president was informed by the head of NMDPRA that we will receive an import license on Friday. Yet, as you are aware, these procedures all have bureaucratic protocols. We didn’t have this opportunity before, but things have changed for the better now,” he said.

Regarding the amount that the NNPC owes oil traders, Ukadike stated, “The head of the NNPC has promised to load out all of our tickets that are in their system and unlock the money.” These funds are occasionally obtained through bank loans, and when they are locked up, we pay bank fees that have an impact on fuel prices as well.

As I speak to you, they haven’t burdened us down and they haven’t disclosed the additional cost. Our president stressed that since this money has been locked up with them, they must do so before we can look at the remittance we will be making.

ought to provide it to us at the previous rate so that we can utilize it to offset the bank fees and other costs we have already incurred.

I’ll make the announcement and the new price available by Monday or Tuesday. The idea that independent marketers are outperforming NNPC in sales is something we wish to avoid.

IPMAN proceeded to request financial support from the government through the establishment of an energy bank, which aimed to aid marketers in the wake of the significant impact of rising interest rates on price hikes.

In order to make sure that goods intended for independent marketers reach their stations and are not stolen out of the nation, we are collaborating with security services. We are also making efforts to make sure adulteration does not occur.

Independent marketers, he claimed, were on the on the point of failing due to the enormous sum spent on purchasing a single truck that holds 45,000 liters of gasoline.

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