The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol prices will drop to ₦935 per litre by Monday, following a new pricing arrangement introduced by Dangote Refinery.
Speaking to the News Agency of Nigeria (NAN) on Sunday, IPMAN National President, Alhaji Maigandi Garima, revealed that the reduction stems from Dangote Refinery’s decision to lower its ex-depot price to ₦899.50 per litre and implement a uniform pricing structure. This development aims to ensure that marketers sell fuel at ₦935 across the country.
Garima praised Dangote Refinery for the initiative, describing it as a timely intervention to alleviate transportation costs during the festive season and beyond.
“This new arrangement by Dangote Refinery fixes the ex-depot price at ₦899.50 per litre, allowing marketers to maintain a uniform pump price of ₦935 nationwide. The programme is designed to stabilize consumption rates and bring relief to Nigerians,” Garima said.
The price slash follows Dangote Refinery’s recent announcement of a 7.27% reduction in fuel prices, down from ₦970 to ₦899.50 per litre. Additionally, the refinery introduced generous credit terms for marketers, further easing distribution challenges.
In collaboration with MRS, Dangote Refinery has begun selling petrol at ₦935 per litre from its retail outlets in Lagos, with a nationwide rollout set to commence on Monday.
Garima highlighted the impact of deregulation and increased competition in the downstream sector, predicting further price reductions as private refineries join the market.
“This is the kind of competition we anticipated with deregulation. More refineries are coming on board, and Nigerians will soon enjoy even lower prices,” he said.
He contrasted the current situation with the 2023 festive period, when fuel prices skyrocketed to ₦2,000 per litre in some northern and eastern states due to reliance on imported fuel. Today, with local refineries operational, prices have stabilized, with the highest price in those regions now at ₦1,100 per litre.
Garima also expressed optimism about the resumption of production at Warri and Kaduna refineries, noting that increased domestic refining capacity would further reduce fuel prices and benefit the economy.
The Nigerian National Petroleum Company Limited (NNPCL) has also reduced its ex-depot price from ₦1,020 to ₦899 per litre, aligning with Dangote Refinery’s pricing strategy.
