Fuel Relief for Nigerians: Petrol Prices Drop as IPMAN Partners with Dangote Refinery

By Achimi muktar

In a significant development for Nigeria’s fuel market, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has commenced lifting Premium Motor Spirit (PMS), commonly known as petrol, directly from the Dangote Refinery in Ibeju-Lekki, Lagos State. This groundbreaking partnership promises to stabilize fuel supply and reduce prices nationwide.

The Deal That Changed the Game

The collaboration follows an agreement finalized in November 2024 between IPMAN and the Dangote Refinery, marking a pivotal shift in Nigeria's petroleum supply chain. Speaking after a National Working Committee meeting on November 11, IPMAN’s National President, Abubakar Garima, expressed optimism about the deal’s potential impact.

“This partnership ensures a steady and affordable fuel supply to Nigerians while supporting local production and reducing reliance on imports,” Garima stated. He emphasized the benefits of backward integration and its positive effects on Nigeria’s foreign exchange reserves.

Lifting Begins: Millions of Litres in Distribution

Since late November, independent marketers have lifted millions of litres of petrol directly from the refinery. Initially, the lifting process was facilitated through MRS Oil as IPMAN and Dangote Refinery completed formal documentation.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, clarified the arrangement:

“Dangote Refinery made products available to us through MRS while we finalized documentation. This ensured a seamless transition and uninterrupted supply.”

Impact on Fuel Prices

The Dangote Refinery has already reduced petrol prices from N990 to N970 per litre, a move that has boosted local demand. By eliminating intermediaries and minimizing profiteering, the partnership is driving prices lower, offering much-needed relief to Nigerians.

Ukadike highlighted the broader implications:

“Our members are now purchasing directly from the refinery. This collaboration strengthens the fuel supply chain and ensures affordable pricing for commuters.”

Why This Matters

The direct supply arrangement is expected to ease the burden on Nigerian consumers, who have faced skyrocketing fuel costs and supply disruptions. By aligning with the country’s largest refinery, IPMAN is poised to enhance fuel availability and improve market efficiency.

A New Era in Nigeria’s Petroleum Sector

The partnership between IPMAN and Dangote Refinery marks a transformative moment for Nigeria’s energy sector. As millions of litres of petrol flow directly from the refinery to IPMAN depots and retail outlets, Nigerians can look forward to more stable supply, competitive pricing, and a stronger economy.

Stay tuned as this story continues to unfold, bringing hope for a more affordable and reliable fuel market.