The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced an imminent reduction in petrol prices, with rates expected to drop to N935 per litre by Monday. This development follows a recent 7.27% reduction in the ex-depot price by Dangote Refinery, lowering the rate from N970 to N899.50k per litre for oil marketers.
Alhaji Maigandi Garima, IPMAN’s National President, revealed this during an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. He commended Dangote Refinery for its initiative to implement a uniform pricing structure nationwide, ensuring marketers across the country can adopt the new rate.
The decision by Dangote Refinery to adjust its pricing has been described as a “timely intervention” during the festive period. According to Garima, the refinery is spearheading a strategy to stabilize fuel prices across the country, benefiting marketers and consumers alike.
“Dangote Refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50. This initiative ensures uniformity in the cost of petrol nationwide, and we expect the arrangement to commence by Monday,” Garima stated.
He also emphasized that the refinery’s operations have provided relief during the festive season, reducing the financial burden on marketers.
Garima attributed the price reduction to the deregulation of the downstream petroleum sector, which has fostered healthy competition.
“This deregulation has paved the way for steady price reductions. The entrance of private players like Dangote Refinery is a testament to the benefits of opening up the sector,” he explained.
Looking ahead, Garima expressed optimism about further reductions in fuel prices as additional private refineries commence operations.
Reflecting on the challenges of the previous year, Garima noted that during the 2023 yuletide period, petrol prices soared to as high as N2,000 per litre in parts of the North and East due to reliance on imported fuel.
“Thanks to the functioning refineries within the country, petrol prices are now capped at N1,100 in those areas, marking a significant improvement,” he said.
The reduction in petrol prices is expected to provide relief for Nigerians during the festive season, with hopes for even more competitive rates in the future as the country’s refining capacity continues to grow.
