Petrol will now sell for ₦935 per litre across Nigeria, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced.
The association cited a new pricing framework with Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
IPMAN President Maigandi Garima explained that the reduction follows a significant cut in the ex-depot price to ₦899.50, enabling marketers to stabilise pump prices.
“With this arrangement, petrol prices are set to drop across our members’ outlets nationwide. It’s a much-needed relief for consumers, especially during the festive period,” he said.
The announcement came as IPMAN members began loading petrol from Dangote Refinery and other depots under the revised pricing mechanism.
“This initiative by Dangote Refinery ensures uniformity in pricing while addressing logistics costs,” said Garima.
Chinedu Ukadike, IPMAN’s Publicity Officer, highlighted the broader benefits of the price reduction.
“The competition between NNPCL and Dangote Refinery has created an opportunity for Nigerians to pay less for petrol. This is what deregulation is about—giving consumers better options and ensuring fair pricing,” he stated.
The pricing adjustments are part of Dangote Refinery and NNPCL’s larger strategy to capture market share. On Saturday, NNPCL slashed its petrol price by 12%, following Dangote Refinery’s decision to set its ex-depot price at ₦899.50.
“The healthy competition between these key players is driving down costs and ensuring steady supply. As marketers, we will leverage both sources to meet consumer demand,” added Ukadike.
Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), also praised the development, calling it a “game-changer” for the downstream sector.
The Dangote Refinery, currently operating at 85% capacity, assured Nigerians of consistent supply, with plans to deliver European-standard products by January 2025.
“This is only the beginning of stabilising Nigeria’s fuel market,” said Edwin Devakumar, Head of Dangote Refinery.
IPMAN assured the public that its members’ stations will remain open throughout the festive season, avoiding artificial scarcity and ensuring smooth distribution nationwide.
“Nigerians can rest assured that this price reduction is sustainable, and our outlets are ready to serve,” Garima said.
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