The Independent Petroleum Marketers Association of Nigeria (IPMAN) don announce plan to look for $10 billion credit facility to build im own refinery for Nigeria.
The decision follow recent price adjustments from Dangote Petroleum Refinery and Petrochemicals, wey don change petrol price three times this year.
According to IPMAN, the constant price changes, mostly because of crude oil fluctuations, don cause serious uncertainty for independent marketers wey dey bear the cost and losses.
Refinery Planned For Akwa Ibom
IPMAN National President, Alhaji Abubakar Maigandi, talk say the best solution to the price wahala na for marketers to build and operate their own refinery inside the country.
He reveal say the proposed IPMAN Refinery and Petrochemicals Company go dey located for Akwa Ibom State, but financial constraint don delay the take-off of the 300 barrels-per-day plant.
Maigandi add say the association go present the proposal and loan request to President Bola Ahmed Tinubu by March.
According to am, once dem secure the loan — which fit involve equity partners — the refinery fit complete within one year.
Marketers Still Depend On MRS
He also explain say since Dangote Refinery never begin free direct delivery of petrol to independent marketers as earlier promised, dem still dey depend on MRS for supply.
Because marketers still pay transportation cost to move products from MRS depots to their filling stations, Maigandi say e no possible for dem to sell petrol at the same pump price as MRS.
“We no fit sell at the same price with MRS because Dangote Refinery never deliver petrol to us directly as dem promise,” he talk.
IPMAN believe say once their own refinery start work, e go reduce price instability and protect marketers from sudden market shocks.
