The Independent Petroleum Marketers Association of Nigeria (IPMAN) has declared that no oil marketer in Nigeria can buy petrol from the Dangote Petroleum Refinery at the international market rate, except the Nigerian National Petroleum Company Limited (NNPC).
According to IPMAN’s Deputy National President, Zarma Mustapha, “No marketer can buy the product from the refinery at the international price and then sell it at the prevailing price at the retail outlets. If you do, you are going to lose a huge amount of money, which is a difference of between N400 and N500/litre.”
Mustapha explained that the Dangote refinery would sell petrol at the international market rate, which is higher than the domestic price, making it unaffordable for marketers to purchase and sell at the current pump price.
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He suggested that NNPC would have to intervene by purchasing the product and reselling it to dealers at discounted rates, saying, “NNPC may have to offtake the product, just like they are importing from other countries for upward supply to Nigerian marketers.”
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