The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will drop to N935 per litre by Monday (today), following a new arrangement by the Dangote Refinery.
This was disclosed in statement by IPMAN’s National President, Maigandi Garima, during an interview with the News Agency of Nigeria (NAN) on Sunday.
The new pricing model, which includes a significant reduction in ex-depot fuel prices and a uniform distribution strategy, is expected to bring relief to Nigerians during the festive season and beyond.
According to Garima, the move was made possible by Dangote Refinery’s revised ex-depot price, which was reduced from N970 per litre to N899.50 per litre, alongside improved credit terms for marketers.
Garima explained that the Dangote Refinery has also partnered with MRS Oil to ensure a uniform pump price of N935 per litre nationwide.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k. This uniform pricing structure will allow consumers across the country to purchase fuel at the same rate,” Garima stated.
Festive Season Relief
Moreover, he added that the programme, designed to alleviate transportation costs during the festive season, has already commenced in Lagos and will extend nationwide on Monday.
Garima expressed gratitude to Dangote Refinery, emphasizing the role the company is playing in ensuring steady supply and affordability during the festive season.
“We have been loading from the Dangote Refinery, and the refinery is saving us during this festive period. By Monday, we expect the price of fuel to drop to N935 per litre,” he said.
The initiative by Dangote Refinery aligns with its ongoing efforts to reduce the cost of fuel.
According to Dangote Refinery, such pricing adjustments aim to strengthen Nigeria’s energy sector and reflect deregulation and competition in the downstream market.
The price reduction marks a significant milestone in Nigeria’s deregulated oil market, where competition is expected to drive fuel prices down.
Garima noted that private sector participation in refining is beginning to yield positive results.
“That is the reason we have been asking the government to allow private sectors to participate in the refinery business. Very soon, more refineries will come online, and we’ll witness continuous price reductions,” he added.
Garima attributed this improvement to increased domestic refining capacity, stating that further price reductions are likely as refineries like Warri and Kaduna resume operations.
In addition to Dangote Refinery’s initiative, NNPC Limited recently announced its own ex-depot price reduction from N1,020 to N899, emphasizing the competitive landscape of Nigeria’s deregulated oil market.
Energy analysts have described the price cuts as a reflection of the intensified competition between the Dangote Refinery and NNPC.
As earlier reported, both entities have been at loggerheads over various issues, including crude supply obligations.
