Marketers talk about petrol prices in Dangote and imported fuels as fresh spikes

• Oil marketers explained why they still do not buy gasoline from the Dangote refinery
• Marketers said the difference between petrol from the Dangote refinery and imported products is wide.
• The development comes after independent marketers said they would be willing to buy from the refinery if it would consider direct sales.

Legit.ng’s Pascal Oparada talks about technology, energy, stocks, investments and economy for over ten years now.

Despite abundant supplies, oil Product sellers have explained why they did not purchase petrol from the Dangote Refinery.

This development follows alarm raised by the Chairman of the Dangote Group, Aliko Dangote, regarding proposed boycott about its refinery by the Nigerian National Petroleum Company Limited (NNPC) and marketers.

Dangote reveals reasons for queues at stations

A Nigerian billionaire has said the constant queues at several petrol stations across the country are because marketers and the NNPC are not patronizing his refinery.

He said that currently about 500 million liters of gasoline are waiting for buyers at the plant.

Dangote’s comment prompted a reaction from marketers who countered him by saying they were willing to buy oil from the Lekki refinery at competitive prices.

Marketers demand Dangote to bring down prices

Marketers insist that mega refineries sell products at a discounted price to attract their patronage.

Daily Trust reports that many marketers, speaking anonymously, said the price of Dangote is higher than imported products, which is why marketers do not buy it.

According to the report, many marketers are selling the product at N970 per liter while the $20 billion refinery is selling it at N977, leaving a margin of N77.

They say that with current prices and differences, it will be difficult for local marketers to recoup purchases from the refinery.

Last I heard his product was N977 and I could have purchased N970. Now, if I import 50 million liters in a vessel, multiply those 50 million liters by seven to see how much I will lose if I buy from him. It’s N350 million,” said an anonymous marketer.

Marketers expressed readiness to buy Dangote gasoline

A previous Legit.ng report stated that independent markers are ready patronize the plant after Dangote’s alarm.

Independent Association of Oil Marketers Nigeria (IPMAN) has asked the mega refineries to consider selling gasoline directly to them, citing delays and arrears in payments from the NNPC.

Marketers Condemn NNPC’s N40 Billion Debt

This was announced by the President of IPMAN, Abubakar Maigandi. TV in an interview, saying marketers are seeking to buy fuel directly from the $20 billion refinery to help address the current shortage.

According to Maigandi, the association has withheld over N40 billion from the NNPC, saying marketers are unable to purchase petrol due to significant debt.

BusinessDay reported that the IPMAN helmsman said the NNPC usually directs them to the Dangote refinery whenever they want to buy oil from the national oil company.

The IPMAN boss has noted significant delays in loading products from the Dangote refinery, saying their trucks are spending as much as four days before they are allowed to load.

Maigandi expressed shock at Dangote’s claim that he has over 500 million liters in the facility.

Dangote reported availability of gasoline at the refinery

He asked the Lekki Refinery to allow marketers to purchase products directly from the refinery, saying its employees were ready to sell the products.

Legit.ng had earlier reported that Dangote raised the alarm on Tuesday, October 29, 2024, saying that the NNPC and marketers were boycotting petroleum products from the plant.

The Nigerian billionaire made this known after a meeting with President Bola Tinubu of the Crude and Refined Oil Marketing Committee in Abuja.

Dangote to invest N460 billion in fuel priced at N200

Legit.ng earlier reported that in support of President Bola Tinubu’s Compressed Natural Gas (CNG) initiative, Dangote Cement invested about N460 billion in CNG technology and infrastructure.

The company said the investment will strengthen its leadership in the CNG sector and demonstrate its commitment to combating climate change and supporting the transition to a low-carbon economy.

The company said the investment will strengthen its leadership in the CNG sector and demonstrate its commitment to combating climate change and supporting the transition to a low-carbon economy.

Source: Legit.ng