The Independent Petroleum Marketers Association of
Nigeria (IPMAN) at the weekend said it has started
discussing with foreign partners to refine crude oil
abroad and import Premium Motor Sprit (petrol) and
Kerosene into the country.
It added that it has no intention to claim any subsidy
payment from the Federal Government through the
IPMAN National Secretary Danladi Pasali, who spoke to
reporters in Abuja, explained that should the Federal
Government approve the intervention, it would be a
temporal relief arrangement pending the improvement
of the capacity of the Nigerian National Petroleum
Corporation’s (NNPC’s) refineries and the construction
of greenfield refining entities.
According to him, the initiative was developed by the
association’s new executives to assist the present
administration to reduce cost in subsidy payment at
the same time meet products’ demand.
His words: “We urged the Buhari administration to
support IPMAN in mobilising our foreign partners in
importing petroleum products at no cost or without
subsidies payment to government.
”We have done all our mathematics that through our
new model of Crude Oil SWAP arrangement; we can
wet the country with petrol and kerosene and still gain
from the transactions,” Pasali said.
Nigeria is currently consuming about 35 million litres
of PMS. But only 30 per cent of the amount can be
refined by the four local refineries at full capacities.
The IPMAN secretary said the association in the long
run will construct two brand new refineries in the
country with 400,000 barrel refining capacity with Blue
He added that the association’s National President Mr.
Chinedu Okoronkwo is in Lagos to monitor the
distribution of the PMS to its members to stop its
Pasali said with government’s cooperation, IPMAN
members will stop fuel scarcity with their over 20,000