IPMAN Seeks $10 Billion Credit Facility for Refinery Amid Fuel Price Volatility in Nigeria
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is pursuing a credit facility to develop a $10 billion refinery in Akwa Ibom State. This decision follows price volatility caused by bulk suppliers, including Dangote Petroleum Refinery, which has adjusted prices multiple times this year. IPMAN plans to present its proposal to President Bola Ahmed Tinubu in March, aiming for project completion within a year after securing funding.
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The Independent Petroleum Marketers Association of Nigeria (IPMAN) is seeking a credit facility to establish a $10 billion refinery in Akwa Ibom State. This initiative is in response to significant price adjustments by bulk suppliers like Dangote Petroleum Refinery, which has changed prices three times this year.
IPMAN's National President, Alhaji Abubakar Maigandi, cited financial constraints as a major barrier to launching the 300 barrels per day plant. The association intends to present its proposal to President Bola Tinubu in March, with hopes of completing the project within a year after securing funding. Currently, independent marketers face challenges due to reliance on MRS for petrol distribution, unable to match MRS's pump prices.
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