IPMAN Urges FG to Sell Crude to Dangote at Subsidized Rates

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has made a formal appeal to the Nigerian federal government, urging it to consider selling crude oil to Dangote Refinery at subsidized rates. This request comes in response to the alarming rise in petrol prices, which have exceeded ₦1,000 per liter in several states across Nigeria.

IPMAN's spokesperson, Garima, emphasized that such an intervention would enable the refinery to reduce its retail prices, thereby allowing independent marketers to offer cheaper petrol to consumers and stabilize the market. The appeal highlights the recent surge in petrol prices, which saw a significant increase from ₦874 to ₦995 per liter within just four days, leading to retail prices surpassing ₦1,050 nationwide.

This situation has been exacerbated by supply shortages in areas like Lagos and Ogun, prompting IPMAN's call for government action to curb the escalating costs linked to ongoing geopolitical tensions involving Iran and Israel.