IPMAN has expressed concerns over NNPCL’s pricing strategy for Dangote Refinery petrol, which is higher than imported fuel. With pump prices now reaching N950 per litre in Lagos, Nigerians are questioning the benefits of locally produced petrol.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the decision by the Nigerian National Petroleum Company Limited (NNPCL) to sell petrol sourced from Dangote Refinery at a higher price than imported fuel, leaving many Nigerians confused and frustrated amid soaring pump prices.
John Kekeocha, National Welfare Officer of IPMAN, speaking on Channels Television’s Morning Brief, expressed bewilderment over the pricing strategy. “If NNPC can sell Dangote products higher than imported products, then it doesn’t make sense. What is the celebration we are having all these while?” he questioned, referring to the initial excitement surrounding the commencement of fuel supply from the Dangote Refinery.
The first batch of petrol from the Dangote Refinery began loading on Sunday, according to NNPCL. However, Nigerians were hit with the shocking news that the company purchased the product at N898 per litre, significantly higher than the pre-existing imported price.
Before this development, NNPCL retail outlets in Lagos sold petrol for around N855 per litre. Yet, following the supply from Dangote Refinery, the price has surged to N950 per litre in Lagos and as high as N1,019 per litre in Borno. This dramatic rise has added to the financial strain on Nigerians, who are already grappling with high inflation and economic hardship.
The Petroleum Marketers Association voiced opposition to the price increase, labeling it unreasonable and urging for a review. Many are left questioning the purpose of sourcing local products if it results in higher costs compared to imports.
This situation comes at a time when many had hoped the Dangote Refinery would help stabilize fuel prices in Nigeria and ease the burden on consumers. With the current disparity, the hope for cheaper, locally produced fuel seems dashed, further deepening the hardship faced by Nigerians.
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