Marketers resist pressure to reduce petrol price below N739 per litre
SKAiF NewsNG SNN
By Udeme Akpan
Despite intense competition in the downstream sector, many oil marketers have resisted the pressure to reduce the retail prices of Premium Motor Spirit, PMS, also known as petrol below the Dangote Petroleum Refinery price of N739 per litre.
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The Dangote Refinery had slashed petrol pump prices from about N900 to N739 last December, thus putting pressure on other operators to adjust prices or lost consumers to competitors.
However, checks by Vanguard indicated that while some have reduced prices to attract patronages, many still sell the product at higher prices ranging from N740 per litre and N800 per litre, depending on locations.
Reacting to the development, spokesman of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, attributed the high retail prices to costs of logistics involved in moving the product from one part of the nation to another, especially as most of them are located in the outskirts.
He said: “Most of our members have filling stations in the outskirts and it cost a lot to move petroleum products from one part of Nigeria to another. We are doing our best to sustain supplies at the filling stations but the costs have to be factored into the prices.
“However, as the Dangote Petroleum Refinery continues to supply to Independent marketers, we hope that the current high prices would reduce.”
IPMAN National President, Abubakar Maigandi Shettima, had said: “Our members fully support Dangote Refinery. Since supply began, marketers have consistently lifted products without any complaints. We oppose continued importation because Dangote Refinery has the capacity to meet the country’s entire PMS demand.”
Shettima further noted that members are satisfied with the reliability of supply and welcomed the refinery’s commitment to direct delivery to filling stations—a move he described as critical to stabilizing distribution and benefiting consumers.
He stressed that improved access to locally refined products has eased supply pressures and boosted confidence among independent marketers, reaffirming IPMAN’s commitment to domestic refining as a sustainable solution for Nigeria’s downstream petroleum sector.
The post Marketers resist pressure to reduce petrol price below N739 per litre appeared first on Vanguard News.
