The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that the pump price of petrol will drop to N935 per litre across the country starting Monday.
According to Alhaji Maigandi Garima, the National President of IPMAN, this development follows a significant agreement between petroleum marketers and Dangote Refinery. He made this announcement in Abuja on Sunday, expressing appreciation for the refinery’s efforts to stabilize fuel prices during the festive season.
Garima explained that the price reduction is due to a decrease in Dangote Refinery’s ex-depot fuel price. The refinery has set a fixed rate of N899.50 per litre at its loading gantry, allowing marketers to sell petrol at a uniform price of N935 nationwide.
This adjustment comes after Dangote Refinery announced a 7.27% reduction in its fuel price, down from N970 per litre. Additionally, the refinery has partnered with MRS to distribute petrol across its retail outlets to ensure affordability for consumers.
“This festive season, the Dangote Refinery has introduced a new pricing structure that allows marketers to load at a reduced cost and sell uniformly across the country,” Garima said.
He noted that the initiative is designed to reduce transportation costs during the holidays and ensure consistent pricing nationwide.
Garima also highlighted the increasing competition in the downstream sector, which he believes will lead to further price reductions over time. Reflecting on past challenges, he mentioned that during the 2023 festive period, fuel prices reached as high as N2,000 per litre in some regions due to importation constraints.
