IPMAN: Dangote’s fuel prices are higher than others, we must consider Nigerians

The Independent Petroleum Marketers Association of Nigeria (IPMAN) stated on Friday, November 1, that the price of fuel from Dangote Refinery was higher than prices from other sources last week.

Yakubu Suleiman, the National Assistant Secretary of IPMAN, shared this during an interview on Arise Television’s Morning Show. He explained that marketers must seek out lower prices to ensure profitability and support for Nigerian consumers.

Suleiman emphasized, “Prices are determined by international pricing. Dangote should regularly announce his selling prices.” He noted that in a deregulated market, marketers can’t be forced to buy exclusively from Dangote’s depot.

“If Dangote is selling at N1,000 per litre while others sell for N900, we can’t tell our members to only buy from him. We must go where prices are lower to make a profit,” he said.

He added that while they recognize the dynamics of the market, it’s important to ensure that consumers are not overburdened by high prices. Suleiman mentioned, “Last week, Dangote’s price was higher than other places, at about N995 per litre. With additional costs for transportation and loading, it’s challenging for independent marketers to sell at a profit.”

He concluded by highlighting the need to consider the impact on Nigerians, saying, “We have to pity Nigerians in this situation.”