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Tag: #IPMAN

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NEWS

Dangote Refinery discloses the price of fuel per liter and targets IPMAN and PETROAN.

According to information released by Dangote Refinery, the price of its fuel is N960 per liter for ships and N990 per liter for trucks. The declaration comes after the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) asserted that they could import petroleum at lower prices than Dangote. The marketers said in a previous interview that they were purchasing fuel from overseas at a lower cost and urged Dangote Refinery to work with stakeholders. The refinery countered that the only products that could be purchased at a cheaper cost than its own were inferior ones. Dangote Refinery said in a statement released Sunday evening by Anthony Chiejina, the Group Chief Branding and Communications Officer, that it lowered its prices for selling onto ships while adhering to the Nigerian National Petroleum Company Limited’s (NNPCL) pricing benchmark. According to the text, “Both organizations assert that they are able to import PMS at a lower cost than what the Dangote Refinery is selling.” We compare our prices to those of other countries, and we think our rates are reasonable when compared to import costs. “Anyone who says they can get PMS for less than what we are selling is bringing in inferior goods and working with foreign dealers to bring in subpar goods without thinking about the health of Nigerians or the durability of their cars. Regulator NMDPRA regrettably lacks even laboratory facilities, which can be used to identify inferior goods that are brought into the nation. By offering PMS to domestic marketers at N971 per litre for sale into ships and N990 for sale into trucks, NNPC set the standard after deregulation. Our pricing was established by this, and we have since lowered it to N960 per litre for sale to ships and N990 per litre for sale to trucks. “We started selling at these rates in good faith and for the sake of the nation, even though we weren’t sure what exchange rate we would use to pay for the oil we bought. Simultaneously, a foreign trading company recently rented a depot facility adjacent to the Dangote Refinery for its purpose. to combine inferior goods that would be sold in order to compete with the superior output of Dangote Refinery. “This is harmful to Nigeria’s local refining industry’s expansion. We should note that nations frequently defend their home sectors in order to create jobs and boost their economies. For instance, in order to safeguard their home sectors, the US and Europe have been forced to slap high tariffs on microchips and EVs. READ ALSO: Atiku outlines the policies he would have implemented differently if he had been president: $10 billion for MSMEs and the progressive elimination of subsidies. We urge the public to ignore the purposeful misinformation being spread by those who would rather that we keep exporting jobs and importing poverty, even as we remain committed to offering reasonably priced, high-quality, domestically processed petroleum products in Nigeria.

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NEWS

Petrol Marketers Deeply Complain On Low Patronage At Filling Stations

Fuel marketers have bemoaned the lack of business at their retail locations across the country as the cost of a liter of gasoline has risen to above ₦1,000 at the majority of filling stations in Nigeria. The marketers claimed that due to high prices and poor returns on investment, they are currently reducing their workforce and work shifts. On Monday’s episode of Channels Television’s The Morning Brief breakfast show, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), was featured. The PETROAN CEO appeared on the show alongside Ukadike Chinedu, a representative of the Independent Petroleum Marketers Association of Nigeria (IPMAN). “All of us in the industry, including marketers and retail outlet owners, are finding it difficult to cope with the current situation, we used to buy,” Gillis-Harry stated. 45,000 liters of fuel cost less than 8.5 million naira a few months ago, but now we must pay almost 49 million naira to purchase the goods. “Financial organizations are not saving us. Because Nigerians also struggle with their purchasing power, the cost of money is so high, it is very difficult to even sell, and what we get to our retail outlets is not immediately purchased. READ ALSO According to IPMAN spokeswoman Ukadike Chinedu, middle-class Nigerians have given up driving their cars and switched to public transit, turning gas stations around the country into abandoned locations. “Bank funds make up the majority of the money we invest. In addition to being borrowed, the interest rate is considerable. There isn’t a refund for investment since we generate greater income the more we sell,” Chinedu stated. The features of the consumers who have now dropped some of their luxury automobiles with V8 and are now utilizing alternative modes of transportation have resulted in a very low volume of commerce in the filling stations. “You may discover that there is skeletal or ghost buying at some of the filling stations these days, as two or three automobiles will simply pull in and buy. Discussions concerning scarcity have given way to discussions about pricing differences. Similar to the aviation and agriculture industries, the two unions urged President Bola Tinubu to give oil marketers ₦100 billion as a seed capital to help them stay afloat. You May Also Like This Nigerians struggle with the burden of the Tinubu administration’s record-breaking food inflation and energy prices, which have doubled in the past year. In particular, the cost of gasoline increased from less than ₦200 to more than ₦1,000 per liter. Many have attributed the high cost of living that has hit the middle class to the dual policy of eliminating gasoline subsidies and unified exchange rates. The current administration has maintained that its measures are essential and will not be undone despite two significant rallies organized by citizens to highlight their dissatisfaction with the Tinubu administration and to put pressure on the All Progressives Congress (APC) government to undo its “reforms.”

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