The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of fuel will decrease to N935 per litre starting today.
The adjustment is attributed to a reduction in the ex-depot fuel price at Dangote Refinery, combined with a uniform pricing strategy designed to allow marketers to sell petrol at N935 per litre across their outlets nationwide.
Speaking to the News Agency of Nigeria in Abuja yesterday, IPMAN National President, Maigandi Garima, praised Dangote Refinery for its efforts in driving this price change.
According to reports, Dangote Refinery recently reduced its fuel price at the loading gantry by 7.27 per cent, bringing it down from N970 per litre to N899.50 per litre. Additionally, the refinery introduced favourable credit terms for marketers.
To ensure consumers benefit from the price reduction, a partnership has been established with MRS to retail petrol at N935 per litre across outlets nationwide. The initiative, which aims to alleviate transport costs during the festive season and beyond, has already been implemented in Lagos and is set to roll out nationwide from Monday.
“Dangote Refinery has introduced a new loading and pricing arrangement where marketers will pay a fixed ex-depot price of N899.50k. This move is intended to standardise fuel consumption costs nationwide. We anticipate this arrangement will commence fully by Monday. The refinery is truly supporting us during this festive period,” Garima explained.
He noted that the ex-depot price had previously been N970 per litre but confirmed the new pricing model would bring the retail price down to N935 from today.
Garima also highlighted the ongoing competition within the downstream sector, a consequence of deregulation, and predicted that fuel prices would continue to decline.
“This is why we’ve consistently advocated for the government to allow greater private sector involvement in the refining business. Soon, with more refineries coming online, we’ll witness further price reductions in the downstream sector,” he remarked.
Reflecting on the 2023 festive period, he recalled that petrol prices had soared to N2,000 per litre in parts of the North and East due to reliance on imported fuel at the time.
However, he stated that current fuel prices in these regions had dropped to a maximum of N1,100 per litre, thanks to operational refineries within the country.
“With the resumption of production at the Warri and Kaduna refineries, fuel prices will become even more affordable, which is beneficial for the economy,” Garima concluded.
