The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the pump price of petrol is set to reduce to N935 per litre starting Monday.
This development follows a new agreement between petroleum marketers and the Dangote Refinery.
The National President of IPMAN, Alhaji Maigandi Garima, disclosed this on Sunday in Abuja, commending Dangote Refinery for its recent price reduction and new pricing model. According to him, the price cut was enabled by Dangote Refinery’s decision to lower its ex-depot price and introduce a uniform distribution arrangement, allowing marketers to sell petrol nationwide at N935 per litre.
Dangote Refinery recently reduced its fuel ex-depot price from N970 per litre to N899.50 per litre at its loading gantry, offering more favorable credit terms to marketers. In collaboration with MRS, the refinery has also ensured that petrol is sold at N935 per litre across its retail outlets nationwide, a move aimed at easing transportation costs during the festive season and beyond.
The price reduction, already implemented in Lagos, is expected to roll out across the country starting Monday. Speaking on the development, Garima stated, “Dangote Refinery has introduced a new pricing and loading arrangement with a fixed ex-depot price of N899.50k. This ensures uniform pricing across the country.
We expect the new system to take effect nationwide on Monday. The refinery’s efforts are particularly significant during this festive season, as they ensure affordability for consumers.”
Garima further noted that competition within the downstream sector has driven continuous price reductions. He contrasted this with the 2023 Yuletide period when petrol was sold for as high as N2,000 per litre in northern and eastern parts of Nigeria due to reliance on fuel imports. Presently, the highest price in those areas stands at N1,100, owing to the improved operations of local refineries.
He also praised the crude-for-naira swap arrangement, describing it as a positive step for the nation’s economy. Similarly, the Nigerian National Petroleum Company Limited (NNPCL) recently reduced its ex-depot price from N1,020 to N899, further aligning with the broader trend of price reductions driven by deregulation and increased competition in the industry.
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