The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed a reduction in petrol prices. This follows a new agreement with Dangote Refinery, which will directly supply fuel to IPMAN members at a lower rate.
Abubakar Maigandi, the National President of IPMAN, shared the details in an interview with Channels Television on Tuesday. According to Maigandi, the price of Premium Motor Spirit (PMS), commonly known as petrol, will be reduced by N50 per litre following the new pricing structure set by Dangote Refinery.
The new pricing arrangement stipulates that Dangote Refinery will sell petrol at N940 per litre for depots and N990 per litre for trucks, a move that is expected to directly impact retail prices.
Maigandi explained, “Presently, we have been given two different arrangements on how to buy fuel from the refinery. There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.”
The impact of this deal will vary by region. For example, in Maiduguri, where petrol prices currently stand at N1,200 per litre, the new prices could bring the cost down to N1,150, a reduction of N50. The price reduction could be even lower depending on the location.
This announcement follows a major shift in Nigeria’s fuel supply dynamics, as IPMAN previously relied on the Nigerian National Petroleum Company (NNPC) to purchase fuel.
However, Dangote Refinery has now taken over as the direct supplier to IPMAN members. The new arrangement marks the end of NNPC’s monopoly on purchasing Dangote petrol, a move that may have significant effects on the country’s fuel distribution system.
Currently, fuel prices at NNPC retail outlets and other filling stations across Nigeria range between N1,060 and N1,200 per litre. This new deal is expected to ease pressure on consumers and offer some relief at the pump.
