The Independent Petroleum Marketers Association of Nigeria, IPMAN, directed all its members to lift Premium Motor Spirit, PMS, exclusively from Dangote Refinery and Petrochemicals Company to crash prices.
The National President of IPMAN, Abubakar Maigandi, disclosed on Monday at a press conference in Abuja.
Accordingly, this move, which puts an end to IPMAN's previous plans to engage in the importation of petroleum products, is expected to strengthen the nation's supply chain for refined products and ensure a more stable and affordable fuel market across Nigeria.
With the development, IPMAN members will directly receive PMS, Automotive Gas Oil, AGO (also known as diesel), and Dual Purpose Kerosene, DPK, directly from the Dangote Refinery for distribution to depots and retail outlets nationwide.
"The Dangote Refinery has obliged IPMAN to lift PMS, AGO, and DPK directly for onward supply to IPMAN depots and retail outlets," Maigandi explained. "This arrangement will ensure steady and seamless supply of petroleum products all over Nigeria at an affordable rate for all Nigerians."
He also lauded Aliko Dangote, the President of the Dangote Group, for fostering a collaborative relationship between the refinery and IPMAN, emphasising the long-term benefits of supporting local refineries. Maigandi called on all IPMAN members to support this initiative, noting that it aligns with the government's economic vision and strengthens Nigeria's foreign exchange position. He further underscored the importance of local refining in creating jobs, boosting the economy, and ensuring national self-sufficiency in petroleum products.
"All IPMAN members should fully support the Dangote Refinery, as it is the ideal thing to do considering the monumental benefits of backwards integration as a medium for the long-term impact it will have on the foreign exchange market in Nigeria," Maigandi continued.
"IPMAN members should rely on Dangote Refinery and other Nigerian refineries for products, as this will translate to more job opportunities in Nigeria as well as signify total support for President Bola Ahmed Tinubu's renewed agenda."
The development has brought an end to the controversy between oil marketers and Dangote Refinery over fuel prices in the last few days.
Dangote Refinery last week revealed that its gasoline is sold at N960 and N990 per litre for ships and trucks.
Earlier, IPMAN had insisted that imported fuel is cheaper than Dangote's petrol.
This comes as Nigerians buy petrol between N1,060 and N1,200 across filling stations in the country.
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