Nigerians may soon witness a change in the price of Premium Motor Spirit (PMS), popularly known as petrol, as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed ongoing negotiations with Dangote Refinery to secure a direct petrol supply.

The development comes after NNPC retail outlets increased petrol prices to N1,030 per litre from N897 in Abuja and N998 per litre from N868 in Lagos last week. Other regions also experienced similar price hikes.

According to Abubakar Maigandi, IPMAN’s National President, the negotiation with Dangote Refinery is progressing well, and an agreement is imminent.

Maigandi disclosed this during the inauguration of a monitoring and surveillance taskforce team to prevent oil bunkering, pipeline vandalism, and adulteration of petroleum products in Abuja on Wednesday.

He expressed optimism that the agreement with Dangote Refinery would soon be concluded, ensuring a direct supply of products from the refinery.

He said: “We are pleased to announce that we are close to finalizing arrangements with Dangote Refinery to lift PMS directly from their facility.

“We have already received our funds back from NNPCL and are now focused on negotiating with other partners, particularly Dangote.

“Our discussions with Dangote are ongoing, as we work toward securing a direct supply of products from the refinery.”

Recall that marketers had earlier resolved pricing issues with the Nigerian National Petroleum Company Limited (NNPCL). NNPCL agreed to reduce the ex-depot price of petrol to N955 per litre for marketers, offering a N3 discount from the previously quoted price. Additionally, the federal government recently announced that it has given oil marketers the approval to purchase directly from the Dangote refinery.