Sell Crude Oil At Cheaper Prices To Dangote – IPMAN Begs FG As Petrol Soars Above ₦1,000

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the federal government to consider selling crude oil to Dangote Refinery at a subsidized rate instead of the prevailing market price.

The appeal was made by the National President of IPMAN, Abubabar Garima, during an interview with Nairametrics.

According to him, selling petrol to Dangote at a subsidized rate could curb the escalating cost of petrol in Nigeria, which has been linked to the ongoing war against Iran by Israeli-American military forces.

Naija News reports that in recent days, the price of Premium Motor Spirit (PMS), commonly known as petrol, has now surpassed ₦1,000 per litre in several states across Nigeria.

However, Garima suggested that Dangote could offer petrol to Nigerians at a reduced price if it gets crude oil at a subsidized rate from the federal government .

“Government support for domestic refining could help moderate prices, suggesting that crude supplied to the Dangote Refinery should be offered at more favourable terms rather than strictly at prevailing international market prices,” Garima stated.

He emphasized that such an intervention would enable the refinery to reduce its ex-gantry prices, allowing independent marketers to offer cheaper petrol to consumers and stabilize the market.

Naija News recalls that Dangote Refinery recently increased its gantry price by ₦221 within just four days, from ₦874 per litre to ₦995 per litre, leading to retail prices exceeding ₦1,050 per litre nationwide and causing supply shortages in areas like Lagos and Ogun.