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The National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Yakubu Suleiman, has raised concerns over cost of fuel, saying the imported Premium Motor Spirit (PMS) is cheaper than the product they buy from the Dangote Refinery.
In an interview with Arise reporters, Suleiman explained that last week, Dangote Refinery was selling PMS at a bulk price of N995 per liter, even though crude oil prices had dropped.
He said, “Beyond this price, buyers must also handle additional costs, such as transporting the product to their depots, which only adds to the final cost for consumers.”
Suleiman highlighted that IPMAN, a significant player in the petroleum market, has not engaged in a single transaction with Dangote Refinery due to these high prices.
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“Last week, while other suppliers offered more competitive rates, Dangote maintained a bulk price of N995 per liter. By the time you factor in transportation, depot fees, and other associated costs, the price becomes burdensome.”
Suleiman emphasised IPMAN’s efforts to minimise the cost for Nigerians.
He added, “IPMAN is committed to sourcing products at cheaper rates so that we can provide affordable fuel to the public, especially in these difficult times when many Nigerians are struggling.”
Suleiman also clarified that while IPMAN faces challenges with high operational costs, including loans with high-interest rates, salaries, and other filling station expenses, they continue to prioritise affordable pricing.
“Some people don’t understand the costs we bear to make fuel available. If they did, they would see that IPMAN’s actions are deeply patriotic,” he noted.
However, Suleiman called on Dangote Refinery to involve industry stakeholders like IPMAN, the Major Oil Marketers Association of Nigeria (MOMAN), and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) in a discussion on fuel pricing.
He said, “Dangote is new to this business. He needs to engage with the industry’s key stakeholders because IPMAN, as the largest off-taker, has a substantial role in this sector.”
