Business

Petrol price reduction imminent as IPMAN, Dangote agree on direct fuel sale

Published

2 years ago

November 12, 2024

353 Views

The Independent Petroleum Marketers Association of Nigeria has said the commencement of direct sales of Dangote’s Premium Motor Spirit (Petrol) to its members will crash the price of fuel in the country in the coming days.

The National Secretary of the Independent Petroleum Marketers Association of Nigeria, James Tor, disclosed this on Monday.

His statement comes after IPMAN National President, Abubakar Maigandi, announced on Monday that Dangote Refinery has agreed to sell petrol directly to his members.

The agreement between IPMAN and the 650,000 barrels per day Dangote Refinery brings an end to the middleman posture played by the Nigerian National Petroleum Company Limited on the inaugural lifting of Dangote Petrol on September 16, 2024.

Similarly, the direct sale agreement means that petrol marketers have dumped imported fuel for Dangote petrol.

Speaking on the impact of the direct purchase agreement between IPMAN and Dangote Refinery, Tor explained that Nigerians will experience a drastic reduction in the price of petrol and a boost in the products’ availability nationwide.

According to him, the agreement would make the pump price of petrol at Independent marketers’ retail outlets drop below N1,150 per litre.

“If the business agreement kicks off, you will see a drastic reduction in the price of gasoline.

“For obvious reasons, it will lead to easy availability of the product and price factor.

We are the major stakeholders who have filling stations across the country.

“The price of petrol in our filling station will go much below N1,150 in our retail outlets depending on what Dangote Refinery agreed to give to us,” he said.

The spokesperson of Dangote Group, Anthony Chiejina, confirmed that IPMAN and Dangote Refinery have agreed on the direct sale of PMS.

Recall that petroleum marketers had in the last weeks sought the partnership of Dangote Refinery on direct sale of PMS.

This comes after the Nigerian government announced that NNPCL will no longer be the sole off-taker of Dangote Petrol, which is part of the implementation of the Naira-for-crude deal.

The Naira-for-crude implementation committee led by the Minister of Finance, Wale Edun, on October 11, 2024, permitted petrol marketers to lift Dangote Petrol.

Meanwhile, the latest agreement between IPMAN and Dangote Refinery on direct petrol sale has brought an end to the controversy between oil marketers and Dangote Refinery over fuel price 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.

According to report, petrol landing cost dropped to N971 per litre in November 2024, according to the Major Energies Marketers Association.

Despite this, Nigerians buy petrol between N1,060 and N1,200 across filling stations in the country.

However, with the IPMAN and Dangote Refinery direct PMS sale agreement, Nigerians are likely to buy the product within N1060 per litre price or below.

Meanwhile, the details of the petrol pricing agreed upon between IPMAN and Dangote Refinery will determine the price of the product in the coming days.

Recall that in the last two months, the price of petrol had doubled to between N1060 and N1,200 from N617 per litre traded in August 2024.

The hike in energy costs directly affects Nigeria’s inflation, which stood at 32.70 percent in September 2024.

Related Topics:Dangote Featured IPMAN Petrol

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Tony Elumelu’s United Capital Secures approval to operate in Ethiopia

Elumeu lauded the transformational Prime Minister of Ethiopia, His Excellency @AbiyAhmedAli , for promoting economic reforms and regional cooperation, the Director General of Ethiopian Capital Market Authority @CMAEthiopia , Ms. Hana Tehelku, and the team at @UnitedCap on this landmark achievement.

Published

11 hours ago

June 9, 2026

OCHEFA

12 Views

United Capital Group has again secured regulatory approvals to commence operations in Ethiopia.

Its Chairman, Tony Elumelu, broke the news on Tuesday, via his official X.

” This development is particularly noteworthy because Ethiopia only recently opened its financial sector to foreign participation, making United Capital’s entry a historic step for both the company and the ongoing integration of African capital markets,” said Elumelu.

Last month, United Capital commenced operations in Rwanda, marking its formal entry into East Africa and reinforcing its ambition to build a leading continental financial services institution.

The Group’s newly established entities include United Capital Trustees Rwanda Limited, licensed to provide trusteeship services, and United Capital Financial Services Rwanda Limited, licensed to offer investment management services, including portfolio management, investment advisory, capital mobilisation, capital market advisory, and fund management solutions.

With this development, United Capital now operates in 11 countries, including Nigeria, with a strong presence in key African markets, a recent expansion into the eight countries within the West African Economic and Monetary Union (WAEMU) region, alongside a growing footprint in East Africa.

According to Elumelu, African institutions are increasingly leading, competing, and succeeding across the continent.

For decades, Africa witnessed foreign capital flowing in while profits largely flowed out.

That narrative is beginning to change.

This is Africapitalism in action — a vision that recognizes the importance of both indigenous and international capital working together to finance Africa’s development and unlock shared prosperity.

Business

Lagos developing world – class new business district —Sanwo-Olu

Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Published

15 hours ago

June 9, 2026

OCHEFA

23 Views

• Invest Lagos Summit 3.0: Secretary to the Lagos State Government, ‘Bimbola Salu-Hundeyin (right); Member, House of Representatives, Kafilat Ogbara; Commissioner for Innovation, Science and Technology, Tunbosun Alake; Chairman, Commonwealth Enterprise & Investment Council (CWEIC), Lord Jonathan Marland; Vice President Kashim Shettima; Governor of Lagos State, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Bada Ambrose-Medebem; Deputy Chief of Staff to the Governor, Sam Egube, Dr Toyosi Akerele-Ogunsiji and members of the State Executives Council at the opening of Invest Lagos 3.0, themed: “Lagos – The Business Gateway to Africa”, in Lagos, yesterday.

Lagos State Governor, Babajide Sanwo-Olu, has disclosed that as part of efforts to deepen access to global capital, his administration is developing the Lagos International Financial Centre (LIFC), envisioned as a world-class financial district that would strengthen the state’s position as a gateway for investment into Africa.

Speaking yesterday at the third edition of the Invest Lagos Summit, attended by Vice President Kashim Shettima, other governors, foreign investors, development finance institutions and business leaders, Sanwo-Olu said Lagos was deliberately building a globally competitive economy driven by innovation, infrastructure and private-sector participation.

Sanwo-Olu said that the state had recorded significant economic progress in recent years through targeted reforms across transportation, digital infrastructure and industrial development.

Highlighting key infrastructure achievements, Sanwo-Olu cited investments in road networks, waterways and rail transportation, describing them as critical enablers of economic growth and investor confidence.

The governor noted that Lagos was increasingly serving as a gateway to African markets and global capital, positioning itself at the centre of continental trade under the African Continental Free Trade Area (AfCFTA).

According to him, Lagos remains one of the continent’s most strategic economic hubs, with a population exceeding 25 million and a gross domestic product steadily approaching the $300 billion mark.