- The Independent Petroleum Marketers Association of Nigeria says fuel price will drop to N935/litre from Monday
- IPMAN said the price drop is due to the reduction of fuel ex-depot price to N899.50k by Dangote Refinery
- It said the price reduction was brought about by competition following the deregulation of Nigeria’s petroleum sector
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the petrol price will be reduced to N935 per litre by Monday, December 23, due to the new arrangement between the association and Dangote Refinery.
IPMAN said the price slash is necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, enabling marketers to sell at N935 in their outlets nationwide.
The National President of IPMAN, Alhaji Maigandi Garima, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday, December 22.
Garima said marketers are expected to pay an ex-depot price of N899.50k with the new arrangement instead of the previous price of N970, which will ensure a uniform markup price of N935 per litre nationwide.
He said, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote refinery and the refinery is saving us in this festive period.”
Deregulation-induced competition good for the economy – Garima
The IPMAN president lauded the deregulation policy of the Federal Government, saying it brought about competition necessary for the growth of the oil and gas sector as well as Nigeria’s economy.
He noted that the many refineries in operation have ensured uniformity in the price of fuel across the country and reduced fuel importation.
Garima also commended the Federal Government’s naira-for-crude swap deal, which halted the pricing of fuel in dollars.
He said, “That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon more refineries are coming up and the country will see a lot of price reduction in the downstream sector.
“By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy.”
Dangote and NNPCL’s yuletide largesse
Dangote Refinery announced a 7.27 per cent reduction in the ex-depot price of fuel to N899.50k, as well as a credit scheme for marketers to ensure fuel availability and affordability during the yuletide celebration.
The company signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.
The Nigeria National Petroleum Company Limited (NNPCL) also slashed the fuel ex-depot price from N1,020 to N899 to ease transportation costs.
IPMAN members to directly load petrol from Dangote refinery at N990/litre
Meanwhile, TheRadar reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a groundbreaking agreement with the Dangote Petroleum Refinery to directly lift petrol from the country’s largest refinery in Lekki, Lagos.
Over 30,000 IPMAN members are set to buy Premium Motor Spirit (PMS) in bulk, marking a major shift in Nigeria’s petroleum distribution network.
