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Fuel Price Drops To N935 Per Litre Nationwide, Says IPMAN
The initiative, aimed at reducing transport costs during the festive season and beyond, has already commenced in Lagos and will expand nationwide from Monday.
Abuja, Nigeria – The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will now be sold at N935 per litre at filling stations nationwide, starting Monday.
The price adjustment follows a reduction in the ex-depot price of fuel by Dangote Refinery, coupled with a new uniform pricing arrangement that aims to standardize rates across the country.
Speaking on Sunday in Abuja, IPMAN National President, Alhaji Maigandi Garima, confirmed the development and commended Dangote Refinery for its proactive measures to stabilize the market.
“This reduction is a welcome development for marketers and consumers alike. It reflects the Dangote Refinery’s commitment to addressing supply chain issues and ensuring affordable pricing,” Garima stated.
The Dangote Refinery has announced a 7.27% reduction in fuel prices, lowering the ex-depot price from N970 per litre to N899.50 at its loading gantry. The refinery has also introduced flexible credit terms for marketers to facilitate distribution.
To ensure the price reduction benefits end consumers, Dangote Refinery has partnered with MRS Oil Nigeria Plc to sell petrol at N935 per litre through its retail outlets nationwide.
The initiative, aimed at reducing transport costs during the festive season and beyond, has already commenced in Lagos and will expand nationwide from Monday.
A statement from the refinery confirmed the new pricing structure, noting that marketers would pay a fixed ex-depot price of N899.50.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) President also expressed optimism about the development, emphasizing the refinery’s role in stabilizing fuel prices during this period.
“We were loading at N970 per litre previously, but with this new arrangement from Dangote, the price is set to drop to N935 per litre by Monday,” he said.
The president explained the growing competition in the downstream sector due to deregulation, which has fostered price reductions.
He noted that additional private refineries entering the market would further lower prices.
“This competition is what we’ve advocated for. The entry of private refineries ensures that consumers benefit from fair pricing. When more refineries, like those in Warri and Kaduna, resume production, fuel prices will decrease further, which is good for the economy,” he added.
The IPMAN president recalled that during the 2023 yuletide, fuel prices reached as high as N2,000 per litre in Northern and Eastern Nigeria due to reliance on imports. However, with local refineries now operational, prices have dropped significantly, with the highest price currently at N1,100 per litre in those regions.
He also commended the crude swap deal facilitated by the Naira, describing it as a positive step for economic growth.
Meanwhile, the NNPC Ltd. has cut its fuel ex-depot price from N1,020 per litre to N899, reflecting the impact of deregulation and heightened industry competition.
