IPMAN also revealed that the price of petrol from the $20 billion Lekki-based plant was N940/litre and N990/litre when purchased using ships and trucks, respectively.

Our correspondents further gathered that the independent oil marketers might not import petrol again following the deal to begin direct lifting from the Dangote refinery.

Speaking on Channels Television on Tuesday, IPMAN President, Abubakar Garima, said the pump prices of petrol at its retail outlets will drop following the agreement with the Dangote refinery to lift products directly from the plant

On Monday, IPMAN agreed with the Dangote refinery to directly lift petrol, diesel, and other petroleum products.

This agreement follows months after the Nigerian National Petroleum Corporation suspended its plan to serve as the sole off-taker of petroleum products from the 650,000 barrels per day refinery.

The IPMAN president explained that the Dangote refinery had been obliged to allow marketers to lift PMS, AGO, and DPK directly for onward supply to their depots and retail outlets but didn’t reveal the price.

Giving an update on pricing during the interview, the IPMAN national officer said the Refinery has provided two different rates for marketers based on their preferences.

He said marketers can load at the gantry at a price of N990 per litre or N940 through vessel transportation.

Garima said, “Presently, we have been given two different arrangments on how to buy fuel from the refinery. There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.

“The difference is because we have to load it and carry it to another part of the state. We use vessels to carry these products and there is another one to load from the gantry.

“For Port Harcourt, Warri, Calabar, we have to use vessels because there is no Dangote loading gantry there, we have to carry it to our private depot and discharge and distribute it to our members.”

Checks by our correspondent showed that the new price is lower than the N960 and N990 per litre revealed by the refinery for ships and trucks last week.

Garima noted that the collaboration aims to ensure a consistent and affordable supply of Premium Motor Spirit and other products nationwide.

He further projected that the petrol price may be reduced by N50 or more, depending on the location of purchase.

Garima explained that direct purchases from the 650,000-barrel-per-day refinery will eliminate payments to intermediaries, such as the Nigerian National Petroleum Company and depot owners.

According to him, this reduction in costs will be reflected in the prices of petrol within the coming weeks.

“We have the overall market in the country. We go everywhere in the country. The implication goes beyond the issue of price, but still, price is the main target.

“The masses are looking for how we, Independent Petroleum Marketers, can reduce price for them. So the price too will reduce because we are not buying through the third party.

“So the profit that we have been giving to the third party like NNPC and depot owners will be reduced. That is the issue.

“For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to N1,150, which there is a reduction of N50. So that’s N1,150. It may even be below that.

“And as we continue, you know, this thing, since it’s deregulation. Yes. As we continue. It can go down. It can go down continuously because, provided that the product is available, you may find that the market will come a little bit low, and then the naira will start appreciating. And then if the crude oil price is reduced, automatically, the same thing will be reduced.

Garima also highlighted that this arrangement will help end fuel scarcity, as products will be more readily available.

“Again, the availability is also there. If a marketer pays for a product before, these retailers hold our money before supplying us with fuel. That’s the reason why you may find sometimes these filling stations don’t have fuel.

“But now, since we are getting the product directly from the Dangote refinery, the issue of delay is eliminated. Immediately, we get the product, we discharge to our filling stations,” he added.

Furthermore, Garima revealed that the NNPC has begun settling its N4bn debt owed to marketers.

“The NNPC has been paying our money back. We have been loading. Our money with them is reducing drastically. That one is not a problem for us now.

“The only thing still is that there are some remaining balances that they have not been able to pay our marketers to load the products. I spoke with the MD retail of NNPC and he told me that our balance will soon be sorted out,” Garima said.

On how much Nigerians will purchase, he said, “With this recent development, definitely anywhere you go, you will find that at the end of the day, we have the lowest price.”

Confirming this, the IPMAN National Publicity Secretary, Chinedu Ukadike, has stated that the association has started the completion of the necessary documentation to begin lifting products.

Ukadike, in an exclusive interview, also confirmed that the product would be purchased in bulk on behalf of its members.

He said, “For now, we are going to be doing it comprehensively, in an off-taker manner. All independent marketers will be buying from Dangote as directed by our president.

“We are still putting together our papers on when to start loading as quickly as possible, but the gig now is that we have been granted permission to load.”Meanwhile, the IPMAN Vice President, Hammed Fashola, told one of our correspondents that if petrol is available locally, there is no need for importation any more.

Fashola recalled that IPMAN had made it clear right from the start that it would support the Dangote refinery and that the new agreement would be a win-win for all.

“We have set it from the onset that we are ready to work with Dangote. We need to encourage him. We are very conscious of that. Based on this, we believe it is going to be a win-win situation for both Dangote and IPMAN. I am sure the price will be reasonable. We are just after the price. Once the price is okay for us, we are good to go,“ he stated.

He stated these when he took senior journalists on a tour of the refinery and Dangote Fertilizer plants in Ibeji-Lekki, Lagos on Sunday.

“We plan to list the refinery and petrochemical before the end of the first quarter of next year, ” he stated.

He noted that the issue the refinery was having with international oil companies regarding the supply of crude was resolved last week.

The issue of crude has been settled last week. But we hope that the IOCs will respect it, ” he added.

Dangote also revealed that the Federal Government owned only a 7.2 per cent stake in the Dangote Refinery against the 20 per cent that was publicised.

“The Federal Government have only 7.2 per cent because it failed to pay for the balance for the 20 per cent stake

Recently, the Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, had last week accused international oil companies in the country of plotting to frustrate the survival of the new Dangote refinery.

Edwin said the IOCs were deliberately and willfully frustrating the refinery’s efforts to buy local crude by hiking the cost above the market price by $6, thereby forcing the refinery to import crude from countries as far as the US, with its attendant high costs.

Edwin stated, “The IOCs are deliberately and willfully frustrating our efforts to buy the local crude.

“It seems that the IOCs’ objective is to ensure that our petroleum refinery fails. It is either they are deliberately asking for a ridiculous and humongous premium or they simply state that crude is not available.

At some point, we paid $6 over and above the market price. This has forced us to reduce our output as well as import crude from countries as far as the US, increasing our cost of production.

“It appears that the objective of the IOCs is to ensure that Nigeria remains a country, which exports crude oil and imports refined petroleum products. They are keen on exporting the raw materials to their home countries, creating employment and wealth for their countries, adding to their Gross Domestic Product (GDP), and dumping the expensive refined products into Nigeria, thus making us dependent on imported products.”

Buhari stated this during his speech when he inaugurated the new plant located at the Ibeju Lekki area of Lagos State.

The President in his speech also hailed Aliko Dangote for this new plant, describing him as the biggest employer of labour after the Federal Government.

The world-class fertilizer plant was built at a cost of $2.5 billion, with the capacity to produce three million metric tonnes (mt) of urea per annum.

Buhari said the new fertiliser plant would reduce Nigeria’s importation of urea, adding that he hopes to inaugurate the Dangote Refinery later this year.

The President said, “Along with the several other subsidiaries, Dangote Industries Limited has created millions of jobs across Nigeria. It is the second biggest employer of labour in this country after the Federal Government.

“This is very pleasing because job creation by private sector operators is vita security as it takes thousands of youths off the street. The nation also stands to gain excessively in earnings of foreign exchange with excess production and export from the plant. I’m informed that you have started exporting to other countries including the United States, India and Brazil.”

Buhari also said, “I look forward to inaugurating the refinery and petrochemical plant later in the year.”

Minister of Works and Housing, Babatunde Fashola made the announcement on Wednesday, July 14 after the FEC meeting presided over by President Muhammadu Buhari.

He said “The second memorandum presented by the ministry was for the construction or the reconstruction, as the case may be, of five road projects in favour of Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Credit policy.  Those five roads totalling 274.9 kilometres will cost N309,917,717,251.35 to be advanced by the Dangote Industries as a tax credit. The roads, specifically, are Bama to Banki in Borno State for N51.016 billion with 49.153 kilometres; Dikwa to Gamboru-Ngala, 49.577 kilometres in Borno State for N55.504 billion; the Nnamdi Azikiwe Road, popularly known as a Western Bypass in Kaduna. 21.477 kilometres, from Command Junction to Kawu, in the sum of N37.560 billion. Others are deep seaport access road sections 1 and 3 in Lagos State, through Epe to Shagamu Expressway, 54.24 kilometres, that links Lagos and Ogun states, in the sum of N85.838 billion and the Obele/Ilaro/Papalanto to Shagamu Road, 100 kilometres in Ogun State, in the sum of N79.996 billion. Council considered and approved this memorandum to facilitate the construction of 274 kilometres of concrete roads. So, this will be the largest single award of concrete roads ever undertaken by the government of Nigeria in one award. First of all, the award is consistent with our multiple funding options, which includes engagement with the private sector. Secondly, the tax credit initiative was in existence in the last administration before this government but was not utilised. So, this administration has revised it, expanded it, and has used it to construct roads like the Apapa Wharf Road, the Oworonsoki to Apapa, through Oshodi Road, by the same Dangote Group. The Obajana-Kabba Road, still the Dangote Group. The Bodo-Bonny bridges and road, which Council approved last week, through the NLNG. There was also interest by many other companies that are being reviewed. So, it’s not unique to Dangote. So, he’s the one who has applied and we’ve been in this process. So, this is the next batch of roads that they are taking up. They invest their money, and then instead of when their taxes come due for payment, the net it off. That’s the circumstance. This is not concessioning, this is tax credit policy, don’t let’s mix them together. The policy says that anybody who wants to invest his personal resources, and it includes individuals, in any infrastructure that the public will have access to, can do so under certain conditions, which includes applying to the Ministry of Works. The ministry evaluates, and the Minister of Finance chairs a tax credit committee because they keep an eye on how much tax giveaway in one year, so that it doesn’t affect the government’s revenue performance, once we take on the investment. So, it’s the committee that then approves and says go ahead, this is good, this is how much tax we’ll allow per year, and if the company is satisfied, then we go to BPP and then come to FEC.”

Bloomberg reports that the Buhari administration has given its authorization for Africa’s biggest producer to export cement to Niger and Togo in the third quarter for the first time in ten months.

Reacting to the development via his Twitter handle, Peterside said such a move is why some Nigerians argue that the Nigerian economy is rigged in favour of a handful of well-connected persons.

He tweeted “’Allowing legitimate exporters & importers to move their goods across the border should be a no-brainer. Why refuse everybody else & allow only one company (Dangote)? This is why some of us argue that the Nigerian economy is rigged in favour of a handful of well-connected persons”

A statement by Anthony Chiejina, Group Head, Branding and Corporate Communications, Dangote Group refuted claims that Alhaji Aliko Dangote is part owner of Executive Jets Services Ltd and further denied ownership of the Bombardier Challenger 605 with registration number 5N-EXS.

He said, “Our attention has been drawn to an online publication which alleged that our President/CE, Aliko Dangote is a co-owner of the Executive Jets Services Ltd, a private airline based in Lagos. We hereby refute this allegation in its entirety, as Aliko Dangote has no stake or vested interest in the Executive Jets Services Ltd. The said aircraft Bombardier Challenger 605 with registration number 5N-EXS does not belong to Aliko Dangote. Dangote Group only keeps its fleet of aircraft in the hangars operated by Executive Jets Services Ltd just as others also avail themselves of the hangar services. The general public is hereby advised to disregard this unfounded and misleading report.”