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Tag: IPMAN

  • Petrol stations begin adjusting pumps to lower fuel price

    Petrol stations begin adjusting pumps to lower fuel price

    Petrol stations across the country have started adjusting their pumps to reflect the new price of Premium Motor Spirit (PMS) and sell at a lower rate, after Dangote refinery reduced the price of the commodity to N899.50k per litre.

    TheNewsGuru.com (TNG) reports Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed this in Abuja on Sunday in a statement by Mr Ukadike Chinedu, IPMAN’s Publicity Secretary.

    The association had earlier pegged the price of petrol at N935 per litre beginning from today after Dangote Refinery reduced the ex-depot price of fuel from N970 per litre to N899.50 per litre.

    In the bid to ensure that the price reduction gets to the end consumers, Dangote Refinery signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

    “We have started ordering on the new price, and even some of our members have already started adjusting their pumps lower to be able to have faster sales.

    “If your price is higher, nobody will buy from you. You will even find out now that those queues that you normally see in NNPC filling stations have all reduced, because most marketers are almost selling the same thing with them,” Mr Chinedu stated.

    IPMAN commended Dangote Refinery for reducing the price of petrol and urged Nigerian to avoid panic buying, stressing that there is enough fuel in the country.

    Chinedu stated that the gesture would help to reduce transport cost for Nigerians ahead of yuletide holidays.

    “You see, that is the beauty of deregulation. Prices are determined by market forces. With the Dangote and Federal Government refineries by the corner, this will bring competitive prices,” he said.

    Chinedu urged all IPMAN members to adjust their pumps to the new pump price to attract more customers.

  • IPMAN to implement new petrol price from Monday

    IPMAN to implement new petrol price from Monday

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement.

    IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.

    Alhaji Maigandi Garima, IPMAN National President, who made this known on Sunday in Abuja, lauded Dangote refinery for the development.

    Recall Dangote refinery recently announced a significant reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.

    In the bid to ensure that the price reduction gets to the end consumers, it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

    The price reduction which is designed by Dangote refinery to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be offered nationwide from Monday.

    “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k.

    “The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

    “We have been loading from the Dangote refinery and the refinery is saving us in this festive period,’’ he said.

    The IPMAN president said previously it was loading at N970 per litre at Dangote refinery, but based on the arrangement and promise from Dangote, by Monday fuel price will drop to N935.

    Garima said the downstream sector competition being witnessed currently was expected by marketers since due to deregulation, adding that it would see the price of fuel dropping continuously.

    “That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.

    “Very soon more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he said.

    He recalled that during the 2023 yuletide, per litre of fuel was sold at N2, 000 in the Northern and Eastern part of the country because fuel was being imported at that period.

    He added that the highest price of which fuel could be sold there currently is N1, 100 because refineries are running in the country.

    “By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy,’’ he added.

    He however commended the Naira for the crude swap deal, adding that it is a good development for the growth of the economy.

    The NNPC Ltd. had also slashed fuel ex-depot price from N1, 020 to N899.

    The fuel price reduction reflects response to deregulation and increased industry competition.

  • Dangote refinery, IPMAN reach agreement on weekly fuel deal

    Dangote refinery, IPMAN reach agreement on weekly fuel deal

    Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria, IPMAN have signed a 60 million-litre weekly Premium Motor Spirit supply deal.

    This comes as IPMAN confirmed that fuel prices have marginally reduced across its member filling stations nationwide.

    The Spokesperson of IPMAN, Chinedu Ukadike, disclosed this to DAILY POST on Sunday while giving an update on the direct petrol deal with Dangote Refinery.

    Recall that on November 11, 2024, IPMAN announced that it had reached an agreement with Dangote Refinery to lift petrol directly.

    The development raised hopes of a fuel price drop.

    In a fresh development, Ukadike stated that Dangote had agreed to supply its members with 60 million litres of fuel weekly.

    He noted that petrol prices had dropped by between N10 and 50 across filling stations due to the deal it secured with Dangote Refinery.

    “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.

    “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.

  • See proposed price as IPMAN announces possible fuel price reduction

    See proposed price as IPMAN announces possible fuel price reduction

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed its intentions to reduce the price of Premium Motor Spirit (Petrol) by ₦50 for every litre sold to consumers.

    The IPMAN’s National President, Abubakar Maigandi, made this known during an interview with Channels Television on Tuesday, where he disclosed that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members.

    The IPMAN boss further notes that the move is expected to bring down petrol prices across the country as their members selling petrol between ₦1,150 and ₦1,200 per litre will reduce the price by ₦50, depending on the location.

    Maigandi added that the price reduction will provide relief for Nigerian consumers, who have faced fluctuating fuel prices.

    He said, “Presently, we have been given two different arrangements on how to buy fuel from the refinery.

    “There is the one that we can load the vessels and carry to our various depots at the rate of ₦940 per litre. Then for the depots, it is at the rate of ₦990 per litre.

    “For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to ₦1,150, which is a reduction of ₦50. So that’s ₦1,150. It may even be below that.”

  • BREAKING: IPMAN finally concludes agreement to lift petrol from Dangote Refinery

    BREAKING: IPMAN finally concludes agreement to lift petrol from Dangote Refinery

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has finally concluded agreement with Dangote Group to lift petrol from the Dangote Refinery.

    TheNewsGuru.com (TNG) reports National President of IPMAN, Abubakar Garima made the disclosure in Abuja on Monday after a meeting of the association’s National Working Committee.

    Garima assured that this will guarantee a consistent and cost-effective availability of PMS products across the country. He said that this follows a meeting with Aliko Dangote and his management team in Lagos State.

    “We’re pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets,” Garima said.

    Regarding pricing, Garima expressed confidence that negotiations with Dangote would yield lower rates.

    At the meeting the Dangote Refinery, pledged to commence supply of products to over 30,000 IPMAN members and 150,000 retail outlets nationwide.

  • BREAKING: Dangote Refinery makes shocking revelation on IPMAN’s inability to lift petrol

    BREAKING: Dangote Refinery makes shocking revelation on IPMAN’s inability to lift petrol

    Dangote Refinery has made disclosure on the inability of Independent Petroleum Marketers Association of Nigeria (IPMAN) to lift Premium Motor Spirit (aka petrol/fuel) and other refined petroleum products directly from the refinery.

    TheNewsGuru.com (TNG) reports Dangote Refinery to have said the Nigerian National Petroleum Company (NNPC) Limited has not given approval for IPMAN to lift petrol directly from the refinery.

    Recall IPMAN had earlier disclosed experiencing difficulties loading refined products from the Dangote Refinery after Alhaji Aliko Dangote, Chairman of Dangote Refinery and Petrochemical Company called on retailers to come forward and pick petrol from the refinery.

    Dangote Refinery, in a statement on Thursday by Anthony Chiejina, Group Chief Branding and Communications Officer, clarified that it has not received any payments from IPMAN to purchase refined petroleum products.

    Chiejina, however, did confirm in the statement that IPMAN has made a payment through NNPC Limited but that NNPC has neither approved nor authorised Dangote Refinery to release petrol to IPMAN.

    The statement reads: “The Dangote Petroleum Refinery wishes to clarify that it has not received any payments from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to purchase refined petroleum products.

    “Although discussions are ongoing with IPMAN, it is misleading to suggest that they (IPMAN Members) are experiencing difficulties loading refined products from our Petroleum Refinery, as we currently have no direct business dealings with them.

    “Consequently, we cannot be held responsible for any payments made to other entities. The payment in mention has been made through the Nigerian National Petroleum Company Limited (NNPCL), and not us. In the same vein, NNPCL has neither approved, nor authorised us to release our Premium Motor Spirit (PMS) to IPMAN.

    “We would like to emphasise that we can meet the nation’s demand for all petroleum products, including petrol, diesel, and aviation fuel. At present, we can load 2,900 trucks per day and we have also been evacuating petroleum products by sea. We advise IPMAN to register with us and make direct payment as we have more than enough petroleum products to satisfy the needs of their members.

    “Furthermore, we believe it is instructive for all stakeholders to refrain from making unfounded statements in the media, as that could undermine the economic re-engineering efforts of His Excellency, President Bola Ahmed Tinubu.

    “Conducting business through public speculation is counterproductive and unpatriotic. In the interest of our country, we encourage all stakeholders to collaborate and heed the advice of President Tinubu, while promoting a unified approach, rather than engaging in media conflicts and needless propaganda”.

  • Fuel ‘wahala’: Marketers queued for days at Dangote refinery unable to load — IPMAN cries out

    Fuel ‘wahala’: Marketers queued for days at Dangote refinery unable to load — IPMAN cries out

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said its members couldn’t load petrol from the Dangote Refinery in Lagos despite having paid ₦40bn to the Nigerian National Petroleum Company Limited (NNPCL).

    IPMAN President Abubakar Garima stated this on Wednesday in a national tv program.

    Garima expressed surprise that the owner of the $20bn refinery Aliko Dangote said marketers were boycotting his refinery to buy imported petrol.

    The IPMAN boss said his members are not importing petrol, as claimed by Africa’s richest man. He said rather than get Dangote petrol through the NNPCL, the private refinery should register independent petrol marketers directly for smooth loading of the product.

    “If he (Dangote) can be able to sell the product to us directly, we can buy the product, because we have to pay before we pick. Presently, we have ₦40bn under the NNPCL custody but we cannot source the product.

    “Just of recent, there are some of my marketers that NNPCL sent to load in Dangote refinery and those marketers stayed with their trucks for four days, and they cannot load.”

    On Tuesday, billionaire businessman Aliko Dangote held a meeting with President Bola Tinubu in Abuja and told reporters that he has over 500 million litres in tanks at his mammoth refinery but marketers are not patronising his facility.

    However, Garima said IPMAN, with over 20,000 members in Nigeria, has ₦40bn upfront payment with the NNPCL and still can’t load the premium product from the private refinery.

    Garima said Nigerians would see a reduction in the pump price of petrol if Dangote Refinery let independent marketers lift the product directly like the NNPCL.

    ‘Check Your Price’

    The IPMAN president also urged Dangote to check the price of his commodity if marketers importing petrol are boycotting his product.

    “Since he (Dangote) says marketers are not buying his product, he should check his price properly. Is it higher than what they are obtaining outside or is it the same rate? Then if marketers buy this product through him, how long will it take for it to reach their depots? That one too is a factor,” Garima stated.

    The IPMAN president said there was nothing wrong if marketers outside his organisation decided to sell imported products but Dangote “should go and review and check how much are they selling outside.”

    Nigerians are grappling with the weight of unprecedented food inflation, and energy prices which have quadrupled in the last year under the Tinubu administration. Specifically, the price per litre of petrol jumped from less than ₦200 to over ₦1,000.

    Many people have blamed the twin policies of petrol subsidy removal and unification of forex rates for the high living costs that have assailed the middle class, many of whom have abandoned their cars for public transportation.

  • Real reason for fuel scarcity – IPMAN

    Real reason for fuel scarcity – IPMAN

    Mr Ukadike Chinedu, the Publicity Secretary, Independent Petroleum Marketers Association of Nigeria (IPMAN), says that the scarcity of fuel being presently experienced will soon be over.

    Chinedu disclosed that the shifting of the supply chain was the cause of the scarcity in the country, adding that in a few weeks, the product would be available.

    “The supply chain is dependent on the importation of petroleum products but now the Federal Government has decided that they will not import but patronise Dangote and advised marketers to buy from him. So now, Dangote is reliably supplying the products and other products of crude oil,” he said.

    Chinedu said that other reasons for the scarcity include documentation and logistics problems, among others in the interchange. He said that Dangote had supplied 300 trucks and subsequently had been giving NNPCL the product.

    Chinedu said that the use of vessels to supply in the coastal area would avert heavy usage of trucks on the roads.

    “This will reduce road accidents, vehicles travelling long distances would be reduced, and it would help reduce prices. So we are trying to conclude the arrangement of sending through vessels to coastal areas to be able to decongest the road usage by trucks.

    “All these things cause a little drift in the supply chain, in a little time, all these things will be fixed,” he said.

    Chinedu said that the NNPCL had resumed supply, and major marketers were buying, adding that the independent marketers were trying to conclude their arrangement with Dangote so they could start buying.

    He said that It was important for Dangote to sell to independent marketers to reduce the issue of middlemen in terms of the distribution chain.

    Chinedu said that IPMAN would no longer be relying on other competitors for its products. Also, he said that IPMAN had unveiled their website Ipman.ng.com.

    Chinedu said that the website would enable marketers to pay through the portal and get their petroleum products, which would help to organise IPMAN to be in the front burner in the tax distribution team.

    Also, he said that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had promised to pay marketers N10 billion as part of the outstanding claims with the Petroleum Equalisation Fund (PEF).

    Chinedu said that marketers were hopeful that soon the money would get to various marketers.

    “We have confidence in the authority of NMDPRA and also agreed and promised to give IPMAN bulk purchase agreement with Dangote.”

    He said that once discussions had been concluded, the product would be available across the country.

  • Petrol supply: IPMAN seeks independence from NNPC’s monopoly

    Petrol supply: IPMAN seeks independence from NNPC’s monopoly

    The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to  allow its members to source direct supply of petroleum products to ease the pressure in the sector.

    Mr Chinedu Anyaso,  Chairman of IPMAN, Enugu Depot in charge of Anambra, Ebonyi and Enugu states, said this in his 2024 Independence  message  on Tuesday in Awka.

    Anyaso noted that sourcing and pricing of products were determined by the Nigerian National Petroleum Company Ltd.

    “As it is today, we are selling according to the price we are getting the products, there is not much we can do to influence the major variables of price and availability.

    “IPMAN controls about 85 per cent of retail outlets in the country, so we are in a position to play greater impacts in the reforms going on in the sector.

    “If the sector is further liberalised to allow IPMAN participate as major stakeholders, products will definitely become more available and price will be cheaper,” he said.

    Anyaso said the national leadership of IPMAN was already holding strategic talks with the management of Dangote Refinery to secure direct supply from the company.

    He said sourcing products directly from the company would reduce price.

    Anyaso said IPMAN had visited the Port Harcourt Refinery and could confirm that serious work was going on to bring the facility back to  operation.

    He expressed optimism that lifting of product would commence there in no distant future.

    He, however, appealed to the general public to understand the role of IPMAN in the ongoing challenge in the sector.

    Anyaso added that marketers were negatively affected by the challenge in the sector in terms of reduced sales and profitability.

    The IPMAN chairman urged Nigerians to have faith in the country, noting that there would be light at the end of the tunnel.

    He assured Nigerians that its members would continue to serve them to the best of their ability within the extant regulatory environment.

  • What NNPC should do to reduce queues – IPMAN

    What NNPC should do to reduce queues – IPMAN

    The Independent Marketers Association of Nigeria (IPMAN) has urged the Nigerian National Petroleum Corporation (NNPC) to increase fuel allocation to its members to reduce queues in filling stations.

    IPMAN National Vice President, Alhaji Hammed Fasola, said in an interview in Ibadan on Friday that the fuel scarcity was due to low allocation.

    According to him, if members of IPMAN get the product directly from NNPC, the price per litre will be affordable for Nigerians and the queues will reduce.

    He said its members sell petrol at a higher price from other major marketers or depot owners because they get the product exorbitantly from third parties.

    According to him, the association has presented its position on PMS allocation to NNPC, calling on it to allocate as much as 50 per cent as it used to be in the past.

    “It is not that we don’t get at all, we are getting a little, and when you compare our number in this sector; our members own 80 per cent of the filling stations.

    “In the past, it was not like this.

    “We had a share of 50 per cent but recently, things have changed, and we are trying to talk to the authorities, especially the NNPC that they have to correct that abnormality.

    “We are still trying to address the issue. This is why the independent marketers are selling at a higher price, which is not good for our image,” Fasola said.

    He stated that its members were being pushed to private depot owners “And we don’t find it palatable.

    “We go there sometimes, and they will sell at N720 per litre, and in their own stations, they are selling N620 or N650 per litre; you can see the disparity and the public will not understand.

    “This is why we are trying to educate the people that we are not shrewd businesspeople who want to milk Nigerians.

    “Some filling stations have closed for business because they can’t cope – this is the situation we found ourselves in; until the government corrects it and everybody is on the same level.

    “We are appealing to NNPC to correct this, so we can get our product directly as we used to do; that will be good for everybody,” he said.

    On the purported increase in PMS pump price by some Nigerians, Fasola said its association had not received any information to that effect.

    “We should take it as fake news,” he said.