The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns regarding the pricing of fuel from Dangote Refinery, stating that as of last week, it is significantly higher than that from other sources. This pricing disparity has led IPMAN members to seek more affordable alternatives in order to maintain profitability while also considering the financial burden on Nigerian consumers.

Yakubu Suleiman, IPMAN’s National Assistant Secretary, expressed these concerns during an appearance on Arise Television’s Morning Show. He emphasized that fuel prices are dictated by international market rates and criticized Dangote Refinery for not transparently disclosing its prices regularly.

Suleiman stated, “Prices are determined by international pricing. Dangote is supposed to announce daily the prices at which he intends to sell his products.” He highlighted the importance of engaging with stakeholders to create a fair pricing environment. “We cannot just direct our members to exclusively purchase from Dangote. This is a deregulated system, and we must seek out cheaper sources,” he added.

The National Assistant Secretary illustrated the dilemma faced by independent marketers with a hypothetical scenario: “If Dangote sets his price at N1,000 per litre while other suppliers offer it at N900, we cannot instruct our members to buy at a higher price simply for the sake of business relations.” He further emphasized that their primary obligation is to secure the best prices for their operations.

Suleiman also remarked on the current state of deregulation in Nigeria’s oil sector, suggesting that while it should foster competition, it appears that Dangote is trying to dominate the market. He noted, “We are in a deregulated economy, but it feels like there’s an attempt at monopolization.”

Citing recent trends, Suleiman pointed out that last week, Dangote’s price per litre was reported at N995, which does not take into account additional costs such as transportation and loading charges. He urged, “We have to pity Nigerians,” reinforcing the notion that high fuel prices affect consumers across the country.

As discussions continue about pricing transparency and the impact on consumers, IPMAN remains committed to exploring the most beneficial sourcing options for its members, balancing business viability with public interest.