Petrol Price Jumps to N955/Litre at Dangote Refinery

The Dangote Petroleum Refinery has increased the price of petrol to N955 per litre.  This change comes into effect today, January 17, 2025, starting at 5:30 PM.   The new pricing applies to bulk buyers purchasing between 2 million and 4.99 million litres.  For those buying 5 million litres or more, the price is slightly lower at N950 per litre.   READ ALSO: $225.8m Debt: court orders arrest of crude oil cargo linked to Obaigbena This marks a N55.5 increase from the discounted N899.50 per litre rate offered during December’s festive period.  The refinery attributed the rise to higher global crude oil prices, which have impacted production costs.   All pending orders and unsold stock will be subject to the revised rates.

Avoid Panic Buying: There is sufficient Fuel – IPMAN  

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reassured citizens that the country has an adequate supply of petrol and urged them to avoid panic buying.   In a move aimed at reducing transportation costs during the festive season, Dangote Petroleum Refinery recently lowered the price of Premium Motor Spirit (PMS) to N899.50 per litre. READ ALSO: The Dangers of Ethnicising Shettima-Badenich Clash  This development is expected to bring relief to Nigerians and foster healthy market competition.   IPMAN also encouraged its members to adjust their pump prices to align with the new rates, noting that this will attract more customers and eliminate queues at filling stations.  . Many marketers have already begun implementing the price change, reflecting a shift towards smoother fuel availability nationwide.   This follows an earlier reduction in November, when Dangote Refinery lowered the price of petrol to N970 per litre.

Dangote Refinery Eases Petrol Pump Price 

Nigerians may soon heave a heavy sigh of relief as Dangote Petroleum Refinery announced a cut in petrol pump price from N990 per litre to N970 per litre for marketers. The company stated that this price cut is a gesture of appreciation to Nigerians for their continued support in making the refinery a reality. As the year draws to a close, Dangote Refinery also expressed its gratitude to the Nigerian government for its unwavering support, highlighting that the reduction aligns with efforts to strengthen domestic industries for the benefit of all. In its statement, Anthony Chiejina, Group Chief Branding and Communications Officer, emphasized that while the refinery is committed to reducing costs, it will not compromise on the quality of its products.  The refinery assures the public of high-quality, environmentally friendly, and sustainable fuel. Looking ahead, Dangote Refinery is focused on increasing production capacity to meet and exceed the nation’s fuel demands, ensuring stability and security in the domestic fuel supply chain. In the Nigerian economy that is heavily challenged by deficit in transportation infrastructure, especially the near absence of reliable mass transport system, this marginal cut is expected to have a cascading effect on inflationary trend and the price of ancillary services.

NNPCL Signs 10-Year Gas Supply Deal with Dangote Refinery

After the initial squabbles, Alhaji Aliko Dangote has secured another win, signing a major contract with NNPC Gas Marketing Limited (NGML) yesterday, for the supply of gas as energy source and feedstock to his refinery. By last weekend, Nigerian Anchor reported the contract that was signed between Dangote Refinery and Independent Petroleum Marketers Association of Nigeria (IPMAN). The agreement enables the marketers to buy fuel directly from the refinery rather than go through a middleman. The current contract was brokered by Nigerian National Petroleum Corporation (NNPC) Limited for a gas supply deal through its subsidiary to the Dangote Petroleum Refinery and Petrochemicals FZE.  This deal, finalized on Tuesday at Dangote’s Lagos office, will see NGML provide a consistent supply of natural gas to the Dangote Refinery in Ibeju-Lekki, Lagos, for power generation and as a feedstock. Signed by Barr. Justin Ezeala, Managing Director of NGML, and Aliko Dangote, President/CEO of the Dangote Group, the agreement includes a supply of 100 million standard cubic feet per day (MMSCF/D).  Half of this supply is firm, while the remaining portion will be interruptible.  This partnership is set to last for 10 years, with possibilities for renewal and expansion. NNPC’s announcement reflects the deal as a vital step in advancing Nigeria’s industrial growth and aligning with President Bola Tinubu’s agenda to leverage the country’s gas resources.  It also marks a unique achievement in Nigeria’s gas distribution sector, with no capital expenditure involved, setting a precedent for future ventures. The agreement is poised to support the operational success of Dangote Refinery while contributing to the nation’s energy security and economic development, reinforcing NGML’s role in fulfilling NNPC’s commitment to the country’s energy goals.

It is cheaper to import petrol than buy from Dangote refinery – IPMAN chieftain

Yakubu Suleiman, the National Assistant Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that buying petrol is cheaper when they import than buying from Dangote Refinery. He recounted that as at last week, the local refinery was selling PMS at a bulk price of N995/Litre. Suleiman said this during an interview session he had with Arise Tv, on Friday, November 1. He said: “Dangote’s price is higher than other places. As at last week, Dangote gives at N995/litre and you have to bring your cargo to load. “How much will you pay the cargo? How much will you pay other charges to your depot? We have to pity Nigerians. “The Independent Petroleum Marketers Association of Nigeria (IPMAN), are trying their best to salvage this country at this particular time when people are suffering. “So let us go for products that are cheaper that when we sell it to the people, the people appreciates. Most people don’t understand the whole dynamics that is going on at the moment. “So when we go and buy the higher price we come and sell it as higher as what people are not expecting and they’ll start calling ‘IPMAN’. We are tired. “If people understand the dynamics they will have praised IPMAN, because we are truly patriotic to Nigerians.”

Dangote Refinery counters IPMAN on challenges faced loading its petrol

The Dangote Petroleum Refinery has said that it is misleading to suggest that the Independent Petroleum Marketers Association of Nigeria (IPMAN) are experiencing difficulties loading refined products from its refinery. The company’s statement signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, on Thursday, was in response to a claim by IPMAN on Wednesday that its members can’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, who stated this on Channels Television’s Sunrise Daily programme, expressed surprise that Aliko Dangote, the owner of the $20bn refinery, said marketers were boycotting his refinery to buy imported petrol. However, the Dangote Refinery in its statement clarified that it has not received any payments from IPMAN to purchase refined petroleum products. It stated that 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, the company said it cannot be held responsible for any payments made to other entities, as the payment in mention has been made through NNPCL, and not Dangote Refinery.It added that in the same vein, NNPCL has neither approved, nor authorised the company to release our Premium Motor Spirit (PMS) to IPMAN. While emphasizing that it can meet Nigeria’s demand for all petroleum products, Dangote Refinery advised IPMAN to register directly with the company and make payments for petroleum products. “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,” the statement read in part.

Soludo Invites IPMAN Over N900m Diesel Debt Claims

N900m IPMAN Debt: Delay In Payment Due To Bogus Claims, Says Anambra Govt

The Anambra Government has invited the leadership of Independent Petroleum Marketers Association of Nigeria (IPMAN) for a meeting over the claim of over N900 million debts to contractors who supplied diesel. Mr Tony Collins Nwabunwanne, Commissioner for Local Government, Chieftaincy and Community Affairs said this in Awka on Thursday while reacting to the association’s letter of appeal. IPMAN had in the letter begged Governor Chukwuma Soludo to pay members who were contractors to the Anambra government for the diesel they supplied to power streetlight generators in March and April 2022. IPMAN said the debt was to the tune of N900,664,805. Nwabunwanne told journalists that the government had taken notice of their complaint and would do everything to protect their businesses. He however blamed the delay on discrepancies in the claims of the contractors. The commissioner said his office will meet with the leadership IPMAN, the umbrella body of the marketers, to reconcile the figures for settlement. “I have invited the leadership of IPMAN for a meeting early next week for discussion, it is clear that they do not have the correct information on our dealings with the contractors, there are discrepancies. “So, the meeting will enable us to reconcile these discrepancies and progress to the next step. “The Governor Chukwuma Soludo administration is a business friendly one and will do all that is possible to support and help them stay in business,” he said.

IPMAN opposes state governments’ bid for downstream regulatory control

Eteo oil Spill destroyed communities’ source of water – Rights group Health of Mother Health Foundation (HOMEF), has again decried the recent oil spills that ravaged Aleto and Eteo communities in Eleme Local Government of Rivers State, saying it has crippled farming and fishing activities in the area. HOMEF said the spills also destroyed the communities’ only source of potable water. HOMEF and members of Oilwatch Nigeria that paid a visits to the two scenes recently for an on-the-spot assessment to ascertain the level of response and possible cleanup of the affected environment said it met the environment still in a sorry situation as nothing is being done to salvage or clean the pollutions caused by the spills. A statement by HOMEF on Saturday by the Media and Communication Lead, Kome Odhomor, Executive Director, Nnimmo Bassey, expressed displeasure that the oil companies are neither decommissioning their aged infrastructure nor ensuring that their facilities are in good working condition. He regretted that rather than remediating the harm caused by their activities, more investments are being made by the oil companies to expand the areas of threat. Bassey further lamented that two months after the spill occurred, the companies have yet to respond and interface with the communities in any meaningful way. “It was heartbreaking to listen to the lamentation of the community women who now have no source of potable water and cannot process their cassava, a major staple due to the pollution of their stream. The insensitivity of the polluters and regulatory agencies is appalling. These atrocious incidents are also compounding the work of HYPREP. While the agency is working to clean some areas, these polluting incidents are threatening to erase their efforts.” During the site visits, coordinator, Peoples Advancement Centre (PAC), and member Oilwatch Nigeria Celestine Akpobari, called on NOSDRA and other relevant agencies of government to do the needful and send relief materials to the starving people immediately. “It is sad and very embarrassing that a spill of this magnitude at Eteo would happen in very close proximity to human habitation and the NPDC and the government of Nigeria carry on as if nothing has happened to the people. It is worse that the spill has affected the community's only source of drinking water. It is not enough to just sneak in at night to clamp the pipe, the right thing must be done.” While receiving the team of CSOs who visited his palace, His Royal Highness Emere Emmanuel T. Akobe the Paramount ruler of Eteo community expressed shock over the attitude of the NPDC saying, “Our beautiful stream is dead, My people don’t deserve this type of treatment and after we have brought the notice of the National Assembly, there is still no response from them, and my people continue to suffer the impact of the spill.” HOMEF reiterates that Aleto and Eteo communities and the entire Niger Delta must not be treated like disposable or sacrifice zones for profit-seeking endeavors. NOSDRA should be more proactive in meeting the challenging situations of oil spills in the region, while the polluting companies should urgently halt their polluting activities, clean up their spills, and pay compensation to affected individuals and communities. The CSOs also demanded that oil companies decommission all aged pipelines and facilities in the region in line with UNEP recommendations in the assessment of the Ogoni environment.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed strong disapproval towards the recent endeavours of various State governments to assume the role of regulators in the Southeast’s downstream petroleum operations. Mr. Chinedu Anyaso, the Chairman of IPMAN’s Enugu Depot, which oversees Anambra, Ebonyi, and Enugu States, conveyed these concerns during an interview in Awka on Sunday. Anyaso underscored that State governments lack the necessary standardized and approved equipment essential for accurately measuring dispensing machines. Moreover, he asserted that these governments do not possess the authority to oversee the intricate operations within the downstream petroleum sector. IPMAN has vehemently criticized the actions of state governments, which have involved entering marketers’ establishments under the pretense of price enforcement and dispensing machine monitoring. Anyaso highlighted that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) remains the sole constitutionally-empowered entity responsible for regulating downstream sector activities. He emphasized that if states intend to collaborate in this sphere, they should work in conjunction with NMDPRA. In his explanation, Anyaso reinforced that state governments lack the requisite authority to perform regulatory functions concerning downstream operators. Their lack of expertise is evident, and even the instruments they employ—termed “seraphim bottles”—have not been certified as properly calibrated for accurate measurements. “NMDPRA is the only body empowered by the Petroleum Industry Act (PIA), Sec 48 (1), to carry out all the regulatory activities in the sector. “IPMAN Enugu depot condemns the invasion of our filling stations; Anambra government did it and we protested but most recently, the Enugu State government is doing the same thing with deliberate effort to blackmail some of our members. “This is sheer overzealousness on the part of some aides of governors. We call on our governors to call these people to order, to avoid putting IPMAN on a collision course with state governments,” he warned. Anyaso said IPMAN was not absolving its members of sharp practices but insisted that state governments should collaborate with NMDPRA, established by the Federal Government to supervise the sector if the need arises. “IPMAN is not by any means saying that all our members are free from malpractice. We are not holding brief for them either; all we are saying is that things should be done properly by the appropriate authority. “NMDPRA has offices in almost all the states, so state governments should work with them. On our part, IPMAN has a taskforce as an internal mechanism to check infractions by our members,” he said.

No plans to increase petrol price to N700/litre – IPMAN

IPMAN Blames NMDPRA For Substandard Petrol In Nigeria

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said they have no intention of further increasing the pump price of petrol. According to the Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, Nigerians should disregard reports making the rounds that the Association plans to increase the price of petrol to N700 per litre. President Bola Ahmed Tinubu had on May 29, told Nigerians that the era of subsidy was gone. Speaking Friday in Ibadan, Tajudeen urged Nigerians to disregard the reports and stop engaging in panic buying insisting that there is no plan to increase the price above the price it is being sold at the moment.   “Even in the PIA, it has been clearly stated that the subsidy must be removed, so, I want to commend him for removing the subsidy and I want to say that we are in total support totally. This is because the subsidy was a scam.” He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses. “I want to disabuse the mind of the people that they should not panic about it, there is no cause for alarm, we are in control and there is nothing like that. “So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now. “If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers. ”So, it was the retail price that they announced they had never given a specific price to the independent marketers. “However, I have read what somebody put into the paper, it is just speculation, it is not a reality. Nothing like that I want to assure the masses. “There is no way the price can go to N700 as we speak, because even if the FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700,” Tajudeen said. He noted that the product had been deregulated, hence the differential in prices was due to transportation as it is related to location. ”If you are moving products within Lagos the price may not be more than N300,000 but if you are moving up to Ibadan or there about it could be as much as N500,000. ”And if you are going to Ilorin, it could be as high as N700,000 that would account for the difference in prices. “I want to say with all sense of authority that as of today within Lagos metropolis nobody should sell more than N515 to N520 per litre. ”Though NNPC has given us the price, the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get it from private depots. “So, whatever we buy is what we put on our own margin and sell. ”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.