Port Harcourt, Nigeria – The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will be reduced to ₦935 per litre by Monday due to a new arrangement by Dangote Refinery.
IPMAN National President, Maigandi Garima, revealed this in an interview on Sunday, citing a reduction in Dangote Refinery’s ex-depot price to ₦899.50 per litre and a uniform pricing scheme aimed at ensuring marketers sell at ₦935 nationwide.
The refinery recently slashed its fuel price by 7.27%, down from ₦970 per litre to ₦899.50, while also offering credit terms to marketers. To ensure the price reduction benefits consumers, Dangote Refinery has partnered with MRS to retail fuel at ₦935 per litre across the country.
The initiative, designed to ease transportation costs during the festive season and beyond, is already operational in Lagos and will extend nationwide from Monday.
“Dangote Refinery has introduced a pricing mechanism to stabilise fuel costs across Nigeria. This will provide relief during the festive season,” Garima stated, adding that the refinery is addressing transportation challenges while ensuring uniformity in fuel prices.
The move aligns with deregulation efforts, which have increased competition in the downstream sector. Garima noted that more private refineries are expected to join the market, leading to further price reductions.
“During the 2023 yuletide, fuel prices rose to ₦2,000 per litre in parts of the North and East due to importation costs. With refineries now operational, prices have dropped significantly,” he said.
The IPMAN president also highlighted ongoing developments, including the anticipated reopening of Warri and Kaduna refineries, which will further reduce fuel prices and boost the economy.
In addition to Dangote Refinery’s efforts, NNPC Ltd. has also reduced its ex-depot price from ₦1,020 to ₦899, reflecting the positive impact of deregulation and growing competition in the industry.