The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members nationwide to invest in the Dangote Petroleum Refinery and Petrochemicals share offer, describing the opportunity as a strategic investment in Nigeria’s energy security and economic sovereignty.
The association also called on the Federal Government to introduce stringent policies to discourage the continued importation of Premium Motor Spirit (PMS), saying reliance on imported fuel drains the country’s foreign reserves and undermines domestic industrial growth.
In a statement signed by its National President, Alhaji Abubakar Shettima, IPMAN congratulated the management and board of Dangote Refinery on the planned commencement of its Initial Public Offering (IPO) and public share sales.
IPMAN said the share offer represented an opportunity for independent petroleum marketers to move from being off-takers of petroleum products to becoming equity owners of the country’s primary production infrastructure.
The association, which said it controls over 80 per cent of Nigeria’s downstream petroleum retail infrastructure, with more than 150,000 retail outlets nationwide, said investment in the refinery would strengthen the country’s domestic energy supply while conserving foreign exchange.
Shettima urged IPMAN members to “aggressively capitalize” on the share sale, saying such investment would strengthen their collective capacity to guarantee steady and unhindered fuel distribution across the 36 states and promote price stability at the pumps.
IPMAN also appealed to the management of Dangote Refinery to maintain and expand its direct allocation of PMS to independent marketers.
The association urged the refinery to extend its direct allocation framework to all registered independent marketers nationwide rather than limiting access to selected operators.
According to IPMAN, expanding direct allocation would help eliminate anti-competitive bottlenecks, reduce logistical costs charged by middlemen and ensure that locally refined fuel reaches consumers at affordable prices.
The association further called on independent marketers to source their petroleum products exclusively from local Nigerian refineries, saying the move would optimise domestic refining capacity, strengthen supply chains and promote long-term price stability.
IPMAN said greater reliance on domestic refining would also reduce freight and port charges, stimulate local employment and accelerate Nigeria’s quest for energy independence.
