
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that it sells petroleum products at the rate of N935 per litre in all its filling stations across the country.
IPMAN National President, Abubakar Maigandi disclosed this on Thursday while addressing journalists at the Petroleum Industry Stakeholders’ Forum held at the Petroleum Technology Development Fund (PTDF) Towers in Abuja.
He said this was possible because of the partnership with the Dangote Refinery.
“We the Independent Petroleum Marketers sell at a lower price than any other marketers. And we get that because of the partnership with Dangote. In most of the cases, we have a uniform price everywhere in the whole country. We sell at the rate of 935 Naira per litre.” he said.
Maigandi said the meeting was organized for all the stakeholders to come together as one body.
Also speaking, the Chairman, Petroleum Technology Association of Nigeria (PÉTAN), Wole Ogunsanya, said the association was at the meeting to support the Minister in his drive to make the oil and gas industry sustainable for the country.
“If you go to the Middle East, they have policies where the volume of oil and gas that is produced year in year out is sustained. So we’re supporting the minister to write a policy to ensure that this boom and bust that we’ve had in the Nigerian industry, we’re able to mitigate it.
“If you look at the price of oil, it started increasing since 2022. We were struggling to increase production and thanks to this minister and this administration, for the first time we are producing the level that OPEC has allocated to it. Imagine if we started producing that for two years. So what other countries are doing in the Middle East is they sustain their production. Whether the oil price is up or down, they make sure they produce enough volume of oil and gas to sustain their economy. So that’s what we’re doing with PETAN to support this administration,” he said.
On his part, the Chairman of the Major Energies Marketers Association of Nigeria (MEMAN), Huub Stockman, said the meeting was timely and in line with what is happening outside Nigeria, where parties involved from Upstream, Midstream and Downstream are brought together to discuss issues that affect them.
While thanking the Minister of State Petroleum Resources (Oil) for the initiative, the MEMAN boss stressed the need for continuous collaboration among all stakeholders for the benefit of the industry and Nigerians.
On whether as a downstream player, he was scared that the price of petroleum products will go up anytime soon, due to the fact that it was sold at $81/bl yesterday at the international market, Stockman said, “I think that’s always a bit of a crystal ball conversation, if you know what I mean. Because crude and product prices don’t always directly relate. And it’s not always so that when the crude changes, immediately all other products that are derivatives from it change. So if I would know, I would probably not be standing here, but I would do something else. But I think normally there’s a correlation. But I think it’s too early to say when or what impact it would have.”