The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will decrease to N935 per litre by Monday, following a new arrangement at the Dangote Refinery.
IPMAN explained that the price reduction was driven by a cut in Dangote Refinery’s ex-depot price and the establishment of a uniform pricing system, allowing marketers across the country to sell petrol at N935 at their retail outlets.
Maigandi Garima, the National President of IPMAN, confirmed the development in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday, commending Dangote Refinery for this initiative.
Recently, Dangote Refinery reduced its fuel price by 7.27%, from N970 per litre to N899.50 per litre at its loading gantry.
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The refinery also introduced favorable credit terms for marketers.
To ensure the price cut reaches consumers, Dangote Refinery has partnered with MRS to offer petrol at N935 per litre through its nationwide retail outlets.
This price reduction, aimed at easing transport costs during the festive season and beyond, began in Lagos and will be extended nationwide starting Monday.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote refinery and the refinery is saving us in this festive period,’’ he said.
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The president of IPMAN stated that fuel was previously being sold at N970 per litre at the Dangote refinery.
However, based on an arrangement and promise from Dangote, the price is expected to drop to N935 by Monday.
Mr. Garima explained that the ongoing competition in the downstream sector was anticipated by marketers, as a result of deregulation, and added that this competition will lead to a continuous decrease in fuel prices.
“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he said.
He recalled that during the 2023 Christmas season, fuel was being sold at N2,000 per litre in the Northern and Eastern regions of the country due to the importation of fuel at that time.
He further noted that the highest price at which fuel can be sold there now is N1,100, as the country’s refineries are currently operational.
“By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy,’’ he added.
He, however, praised the Naira for its role in the crude swap deal, noting that it represents a positive development for the country’s economic growth.
Additionally, NNPC Ltd. reduced the ex-depot price of fuel from N1,020 to N899.
This price reduction reflects the impact of deregulation and heightened competition within the industry.
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