The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will be sold at N935 per litre beginning today, following a new pricing arrangement with the Dangote Petroleum Refinery. This reduction comes after the refinery lowered its ex-depot price for petrol to N899.50 per litre, significantly lowering costs for marketers.
IPMAN’s National President, Maigandi Garima, confirmed the new price structure, emphasizing that the reduction in Dangote’s ex-depot price and the uniform pricing system will help marketers distribute petrol at N935 per litre, which includes a N36 logistics cost. Garima further explained that the previous price, which stood at N970 per litre, would drop under the new plan, allowing for better pricing consistency across the country.
The new arrangement is expected to affect over 30,000 IPMAN members who are set to begin loading petrol from the Dangote and Port Harcourt refineries. As a result, the price of petrol in retail outlets, particularly in Lagos, has already seen a reduction, with some stations charging between N950 and N980 per litre as of Sunday. The price is expected to stabilize at N935 per litre at more filling stations nationwide by today.
The price drop is part of a broader trend triggered by competition between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery. The price reduction follows the NNPCL’s own cut, which was announced on Saturday, marking a positive shift for consumers who had feared price hikes during the holiday season.
Chinedu Ukadike, IPMAN’s National Publicity Officer, explained that the competition between the two companies is beneficial for Nigerians, as it offers more transparent pricing and helps determine the true cost of petrol production and logistics. He also noted that the deregulated market environment allows for fluctuating prices based on demand and supply, with petrol price reductions expected to continue.
Retailers under the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have also begun registering with MRS filling stations to purchase petrol at the new rate of N935 per litre. PETROAN President Billy Gillis-Harry confirmed that this partnership would help implement the price reduction at retail outlets across the country, further benefiting Nigerian consumers.
Meanwhile, Dangote Refinery, now operating at 85% capacity, continues to ramp up production with expectations to meet European-standard products by January. The refinery is already producing 550,000 barrels per day, contributing to the ongoing supply improvements in the nation’s oil sector.
This price drop marks a significant shift in the Nigerian petroleum market, offering hope for continued stability and lower fuel prices for Nigerians in the New Year.
