IPMAN urges members to buy Dangote Refinery shares

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on its members across Nigeria to invest in the upcoming initial public offering (IPO) of the Dangote Petroleum Refinery. The association believes that participating in the IPO will enable independent petroleum marketers to transition from merely purchasing refined products to owning shares in one of Nigeria's largest refining assets.

Addressing the management and board of Dangote Petroleum Refinery and Petrochemicals, IPMAN's National President, Abubakar Shettima, praised the planned public share sale as a unique chance for marketers to become equity owners of the primary production infrastructure. He urged all IPMAN members to take advantage of the offering, stating that it will not only strengthen their collective capacity to ensure fuel distribution but also contribute to maintaining price stability at fuel stations nationwide.

The IPMAN statement also appealed to the Dangote Refinery to broaden its direct allocation of Premium Motor Spirit to all registered independent marketers nationwide. By doing so, the refinery can help eliminate anti-competitive bottlenecks, reduce exorbitant logistics middlemen fees, and ensure that affordable, locally refined fuel reaches every citizen, rather than only a select few.

Shettima urged the refinery to extend its direct allocation system to all registered independent marketers to avoid creating distribution bottlenecks and increasing logistics costs.

Furthermore, IPMAN called on the Federal Government to discourage continued petrol imports, arguing that increased reliance on locally refined products would help reduce pressure on the country's foreign exchange and lower distribution costs. The Dangote Refinery, with a nameplate capacity of 650,000 barrels per day, is one of the largest single-train refineries in the world.