The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said it will import Premium Motor Spirit (PMS), also known as petrol, if the landing cost is cheaper compared to that of the Dangote Refinery.
The oil marketers also expressed concerns over the delay in announcing the price of PMS produced by the Dangote Petroleum Refinery.
Abubakar Maigandi, National President of IPMAN, highlighted that the landing cost of imported PMS currently stands at approximately N1,120 per litre, adding that if the price from the Dangote Refinery exceeds this, marketers will continue to import petrol into the country.
“If the landing cost is cheaper than what the Dangote Refinery will sell, then we will see how to bring in the product,” Maigandi told PUNCH.
“It is now an open market, so anywhere we see a cheaper rate with good quality, we will buy from there. We don’t know the price of Dangote PMS yet, but we are discussing with our foreign partners.”
Maigandi emphasised that allowing multiple importers ensures competition and availability in the market.
“Once everybody is allowed to bring in the product, there will be enough competition, and this will drive prices down. Importers will try to sell their stock and replenish it to stay profitable.”
