The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to conclude discussions with Dangote Petroleum Refinery this week on the cost and logistics for lifting petrol from the refinery.
The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) has also been asked to resend its request for fuel lifting as the $20 billion Lekki-based refinery moves closer to integrating its products into the market.
The talks, scheduled between Tuesday and Wednesday, come after the Federal Government granted marketers the right to lift petrol directly from the refinery, bypassing the Nigerian National Petroleum Company Limited (NNPC).
This move is part of ongoing efforts to increase competition in the downstream oil sector, with expectations that it could lead to a drop in petrol prices once operations fully commence.
IPMAN’s National Publicity Secretary,Chinedu Ukadike confirmed that the association has enhanced its storage capabilities by acquiring tank farms, further strengthening its ability to distribute fuel.
PETROAN President, Billy Gillis-Harry, also expressed optimism that the market competition could drive petrol prices down, especially as more marketers begin lifting from the Dangote refinery.
Industry stakeholders believe that if the refinery starts loading products to marketers soon, the current fuel price, which stands at over N1,040 per litre, could reduce significantly, stabilizing the country’s fuel supply chain.
