Dangote fuel price is higher than other sources, we have to feel sorry for Nigerians – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday said the price of fuel from the Dangote Refinery as of last week was higher than the price of product from other sources.

IPMAN said members should go where the price is lower and where they make profit, adding that they need to take pity on Nigerians.

Yakubu Suleiman, National Assistant Secretary of IPMAN, said this on Friday while answering questions on Arise Television’s morning show program.

Suleiman argued that prices of petroleum products are determined by international prices, insisting that Dangote must disclose the amount he intends to sell.

He said: “Prices are determined by international prices. Dangote is supposed to say every day, “This is the price I am going to sell this product at.”

“But he cannot do this unless he (Dangote) engages stakeholders. And you can’t just say okay, you have to buy only from your warehouse.

“IPMAN cannot just sit down and say, “We will tell our members that you all should go to the Dangote refinery and buy your product and load it.” We can’t just do that. It’s a deregulated system.
We have to look for products where they are much cheaper. We then informed our members to go and load the goods at any warehouse that the goods were cheaper.

“If Dangote has a product and sells N1000, let’s assume there are other places that sell N900. We cannot just say, because for the greater good we are doing business with Dangote, “Okay, go do it.” This is not beneficial for us. You have to go where the price is lower; where we make profit. That’s all.

Continuing, the IPMAN writer added: “We live in a deregulated economy but Dangote is trying to monopolize the whole issue. Great. Let us know if there is a monopoly in the entire system. But we believe that deregulation is happening now.

“Like last week, prices in Dangote are higher than other places. Because, judging by the price, the international price, oil has already begun to fall.

“If I remembered, last week he was giving N995 per liter and you will have to bring your load and cargo. How much will you pay for the cargo? How much will your other depot costs be? And how much will it go to the depot? And we expect independent marketers to go out and sell it. Can we go and sell? Look, we have to feel sorry for Nigerians.”