- Nationwide petrol price reduction driven by Dangote Refinery’s revised ex-depot rate.
- IPMAN praises Dangote Refinery’s festive relief plan with uniform pricing strategy.
- Competition and deregulation in the downstream sector drive continuous price drops.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol is expected to drop to N935 per litre nationwide starting Monday, thanks to a new arrangement implemented by Dangote Refinery. This development comes in response to the refinery’s significant ex-depot price reduction and a strategic agreement designed to provide relief to consumers.
Alhaji Maigandi Garima, IPMAN National President, shared this update during an interview in Abuja, highlighting the positive impact of Dangote Refinery’s decision to cut its fuel ex-depot price from N970 to N899.50 per litre, a 7.27% reduction. According to Garima, this initiative aims to create uniformity in pricing and alleviate transport costs during the festive season and beyond.
“This new loading and pricing arrangement by Dangote Refinery means marketers will now pay a fixed ex-depot price of N899.50 per litre, allowing them to sell at N935 nationwide. We commend the refinery for this arrangement, especially in this festive period,” Garima stated.
The partnership between Dangote Refinery and MRS to distribute fuel at retail outlets nationwide ensures the new price will benefit consumers directly. This move has already begun in Lagos and will extend across the country by Monday. The new strategy also comes with generous credit terms for marketers, enabling smoother operations and better consumer pricing.
Garima noted that this reduction was crucial as the country had previously seen high petrol prices, especially during the 2023 yuletide, when prices soared to N2,000 per litre in the North and East due to importation constraints. With local refineries, including those in Warri and Kaduna, expected to resume production soon, the price of fuel is anticipated to decrease further.
“Deregulation and increased private sector participation are key to sustainable price reduction. The competition in the downstream sector is already positively affecting prices,” Garima emphasized, advocating for continued private-sector involvement in refining.
He praised the Naira-for-crude swap initiative and other policies that support local refineries, stating, “These are positive developments that will aid economic growth.”
The Nigerian National Petroleum Corporation (NNPC) Ltd. has also reduced its ex-depot fuel price from N1,020 to N899, in line with the ongoing deregulation and increased competition, reinforcing the sector’s steady shift towards more affordable fuel prices for Nigerians.
