The Independent Petroleum Marketers Association of Nigeria (IPMAN), says the price of petrol will drop to N935 per litre beginning from Monday as a result of new price.by Dangote Refinery
in an interview with the News Agency Nigeria (NAN) on Sunday in Abuja, IPMAN National President, Alhaji Maigandi Garima said the new price was due to the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
According to NAN, Dangote refinery recently announced a significant reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.
The refinery also signed a partnership with MRS to sell fuel at N935 from its retail outlets nationwide, to ensure that the impact of the reduction is felt by the consumers
The price reduction which is designed by Dangote refinery to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be offered nationwide from Monday.
“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,’’ he said.
The IPMAN president said it was loading at N970 per litre previously, at Dangote refinery, but based on the arrangement and promise from Dangote, by Monday fuel price will drop to N935.
Garima added that the current ongoing downstream sector competition was expected by marketers as a result of the deregulation, adding that it would continuously drop the price of petrol.
“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,’’ he said.
Garima recalled that during the 2023 yuletide, fuel was sold at N2, 000 per litre in the Northern and Eastern parts of the country because fuel was being imported at that period.
He added that N1, 100 is the highest price of fuel could be sold over there currently because some refineries in the country are running.
“By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy,’’ he added.
Garima, however, commended the Naira for the crude swap deal, adding that it is a good development for the growth of the economy.
The NNPC Ltd. had also slashed fuel ex-depot price from N1, 020 to N899.
The reduction in in the price of fuel is as a result of the effect of deregulation and increased competition among the refineries.
