In a significant development, Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have signed a groundbreaking agreement for the supply of 60 million litres of Premium Motor Spirit (PMS) per week.
The deal has already started yielding positive results, with IPMAN confirming a marginal reduction in fuel prices across its member filling stations nationwide. According to IPMAN Spokesperson, Chinedu Ukadike, the prices have dropped by between N10 and N50.
Ukadike revealed that Dangote Refinery has committed to supplying IPMAN members with 60 million litres of fuel weekly. “While the discussion is still ongoing, Dangote has offered to give us over 60 million litres depending on our patronage. The 60 million litres is to be given weekly. And we can take and distribute it across the country once we start lifting the product from the refinery,” he explained.
The agreement is expected to increase competition and stabilize fuel prices in the country. Ukadike attributed the price drop to the competition and deregulation in the oil and gas sector. “It is obvious now that the prices of the products have crashed. You would have noticed the drop in prices by N10, N15, something N50 or so, and this is due to competition and deregulation in the oil and gas sector,” he stated.
