IPMAN Confirms Petrol Price Will Drop to ₦935 by Monday

Kehinde Fajobi

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol prices will decrease to ₦935 per litre starting Monday, following a new arrangement by Dangote Refinery.

The price drop comes after Dangote Refinery reduced its ex-depot price for fuel and implemented a uniform price structure.

IPMAN National President, Alhaji Maigandi Garima, praised the refinery’s initiative, which is set to ease fuel costs across the country.

Speaking with the News Agency of Nigeria (NAN) on Sunday, Garima noted that Dangote Refinery had lowered its fuel price from ₦970 per litre to ₦899.50 per litre and introduced generous credit terms for marketers.

Dangote’s price reduction is aimed at alleviating transport costs, particularly during the festive season, and has already been implemented in Lagos, with nationwide distribution set to follow by Monday.

The refinery has partnered with MRS to retail petrol at N935 per litre across the country.

“The refinery is running a programme that ensures uniform fuel prices nationwide,” Garima said.

“Marketers will pay a fixed ex-depot price of ₦899.50, which will help maintain consistency in the price of fuel at retail outlets.”

Previously, marketers were paying ₦970 per litre at the Dangote refinery, but under the new arrangement, the price will drop to ₦935.

Garima noted that this price reduction is part of the ongoing competition within the deregulated downstream sector, which is expected to continue driving prices down.

He further highlighted that increased participation by the private sector in refining could lead to more price reductions.

“We have been advocating for more private sector involvement in the refinery business, and more refineries are set to open soon, bringing further price reductions,” he added.

Reflecting on the past, Garima pointed out that fuel prices during the 2023 festive season had reached ₦2,000 per litre in parts of the country due to fuel imports.

He stated that with domestic refineries now operating, the price is capped at N1,100 per litre, with expectations for further reductions as more refineries, such as Warri and Kaduna, resume production.

Garima also commended the Naira for its crude swap deal, emphasizing that it is beneficial for the economy.

Additionally, the Nigerian National Petroleum Corporation (NNPC) Limited had recently reduced its fuel ex-depot price from ₦1,020 to ₦899.