The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned depot owners to stop stockpiling petroleum products, particularly Premium Motor Spirit (PMS), due to the suspension of naira sales by the Dangote refinery.
IPMAN’s National Publicity Secretary, Chinedu Ukadike, condemned depot owners for profiteering from the situation, stating that it’s not good for the economy.
The Dangote refinery had announced a temporary halt in the sale of petroleum products in naira due to a mismatch between its sales proceeds and crude oil purchase obligations, which are denominated in US dollars.
This decision led to an increase in the cost of loading petrol at private depots in Lagos to around N900/litre.
Ukadike advised marketers not to panic-buy, as the Dangote refinery may reverse the price, leading to significant losses for marketers. He also warned against buying large volumes of petrol to avoid running into debt.
Meanwhile, the Federal Government and Dangote refinery are resuming talks today to resolve their misunderstanding and potentially restart the naira crude sales.
The Technical Sub-Committee on the Naira-for-Crude Policy is also reconvening to deliberate on the matter.
