The Independent Petroleum marketers Association (IPMAN) has explained that it would either buy petrol directly from Dangote refineries or from Nigerian National Petroleum Company Limited (NNPCL) depending on whose price is better.
This was disclosed by IPMAN’s National Publicity Secretary Ukadike Chinedu. He also said that NNPCL’s clarification that it would not be the sole off taker of Dangote’s products gives them the liberty to source for Petroleum from the cheapest source available.
According to Chinedu, if NNPCL imports petrol and it is cheaper than the price of Dangote refinery, they would buy from NNPCL. The new Petroleum Industry Act(PIA) and the government removal of subsidies makes petrol pricing determined by the forces of demand and supply.
Chinedu also disclosed that IPMAN’s National President, Abubakar Maigandi was currently in talks with foreign investors to secure funding based on current market trends.
The decision by IPMAN to purchase petrol based on pricing and return of investment is not a surprising one. Although, most expected that Dangote refineries would offer better prices as we were informed that they were being sold Crude Oil in Naira.
