NewStats: 3,262,087 , 8,176,039 topics. Date: Saturday, 31 May 2025 at 06:26 PM 4l5r37

IPMAN: Reduction in diesel price by Dangote refinery yet to reflect due to old stock

Automotive gas oil (AGO), also known as diesel, sold for as high as N1,500 at fuel stations in Lagos and Abuja on Saturday.

TheCable observed that Mobil and TotalEnergies fuel stations in Festac Town, sold for N1,300 per litre and N1,500 per litre, respectively.

In Abuja, the price of the product was N1,450 per litre at Eterna, Banex, and N1,500 a litre at Emadeb, Kado.

The prices have remained the same despite Dangote refinery announcing a reduction in its costs of diesel to marketers from N1,200 to N1,000 on April 16.

Speaking on the issue, Abubakar Maigandi, president, Independent Petroleum Marketers Association of Nigeria (IPMAN), said marketers still have old stocks, hence the current price of the product.

“It started recently. And there’s been an old stock. Very soon, I know the price will be normalised,” Maigandi said.

He also said the drop in price favours oil marketers buying one million litres directly from Dangote refinery, adding that some IPMAN have to buy from third parties.

“Definitely, you know Dangote refinery is selling for N1,000. But it is only for those who are buying one million litres and above. Those who are buying one truck from those one million litres will definitely add their profit,” he said.

He said this is why independent marketers are trying to “see how we can go closer to Dangote in of purchase so that the association will carry the volume and share it to the individual marketers who can not be able to buy one truck so that they will be able to buy it at a lower rate”.

Maigandi said the reduction of the price by Dangote refinery is a good step in the right direction.

On April 2, it was reported that Dangote Refinery fixed the minimum volume of diesel that can be purchased by oil marketers at one million litres.

Maigandi confirmed that the refinery started selling the product to marketers on March 2.

https://www.thecable.ng/ipman-reduction-in-diesel-price-by-dangote-refinery-yet-to-reflect-due-to-old-stock/amp/

Nlfpmod

Awon oni yeye.

If na increase in Diesel price now, na immediately it go take effect

helinues:
Awon oni yeye.

If na increase in Diesel price now, na immediately it go take effect

No be una government?




Who you wan make he answer you this question

AqualinaXYZ:



No be una government?




Who you wan make he answer you this question

Who not just respect yourself and honor your own words

helinues:


Who not just respect yourself and honor your own words

That my warning really pain you




Sotay you made a screenshot




Mkpi

Nigeria is a big joke. I won't be surprised if this old stock reach December.

H

Gbadugbakun:
Nigeria is a big joke. I won't be surprised if this old stock reach December.

Dollar should go back to N1900





Since all of us dey craze for this country

When baba made his speech that petrol subsidy is gone, in my presence a petrol station in Abuja locked their gate asap, increased the price to 600 naira, open the gates and started selling at 600, meanwhile they had old stock.. If I should go on and on now, I fit swallow my tongue

IPMAN I want to buy all the old stock, so you can start selling at the new price

AqualinaXYZ:




That my warning really pain you




Sotay you made a screenshot




Mkpi

Fight don start .. 😂

🤣🤣🤣🤣🤣 Some Nigeria business men would never make heaven 🤣🤣🤣. See format.

Smh

Now old stock come to play abi because it's reduction? If na increment it will be instantaneous

But if na increments,una no yo wait till old stock finish ooo..

Bad ppl everywhere

Greedy folks

Una dey craze.. this old stock theory only happens when the price is going down. When it's the other way round nobody re old stock. Animals

Wicked people.

When prices go up, it will take effect immediately with recourse to old stock been bought at old price.

Nigerians are the problem of Nigerians

But unfortunately they will not mention old stock if the price go up between now and tomorrow, they will tell you is new stock and increase the price. Naija marketers I hail.

They will tell you IPMAN is Obi's er. People who have never sold anything in their life think business is sentiment.

No business man will willingly sell at a loss because the original supplier has dropped the price.

Noted.

Funny people. When price increased, they didn't wait to sell the old stock. But now they want to sell old stock first.
Same thing happens in every sector.

WWHHYY the haste to make the announcement

why not wait..

propaganda isn't the best way to run a country

An average Nigerian is wicked even more than the government.

Now its cos of old stock

Make una continue

Awon enemy of progress

Yet the same government is talking about going around to enforce price reduction and control of goods because of the recent unstable appreciation of the naira over the dollar not considering that people also still have their old stock.

Bunch of criminal hypocrites

AqualinaXYZ:

Dollar should go back to N1900





Since all of us dey craze for this country

Na the koko be that. What's the point of dollar reducing when it has no impact on prices of food. It should even climb to 2k sef

But May 29, these oloriburuku people jerked up PMS price from 197 to 500naira

Ofo le maa se

Did I hear someone say old stock so why the government enforcing price reduction in supermarkets. Double standards

Islie:
IPMAN: Reduction in diesel price by Dangote refinery yet to reflect due to old stock




https://www.thecable.ng/ipman-reduction-in-diesel-price-by-dangote-refinery-yet-to-reflect-due-to-old-stock/amp/

Nlfpmod

In Nigeria, fuel price hike has immediate effect on commodity market but reduction in prices of fuel will not reduce commodity prices immediately due to old stock.
Ha! I don't even know what to say.