Fuel Prices Set to Drop to N935 Per Litre from Monday, IPMAN Confirms

Petrol prices would drop to N935 per litre on Monday, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN). This modification comes after a recent agreement with Dangote Refinery that had a big effect on fuel prices nationwide.

In a statement to the News Agency of Nigeria (NAN), IPMAN National President Alhaji Maigandi Garima explained that the price cut was a result of Dangote Refinery’s reduction of its ex-depot price and the establishment of a uniform pricing structure for marketers.

“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k,” Garima said. He praised the refinery’s efforts, which have also included offering generous credit terms to marketers.

According to Garima, the reduction was part of a broader effort by Dangote Refinery to ensure consistent pricing nationwide, alleviating some of the transport costs as the festive season approaches. He also highlighted that the new pricing scheme, which began in Lagos, will be rolled out across the country starting Monday.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We anticipate that the new agreement will go into effect on Monday,” Garima continued.

The new arrangement will lower the ex-depot price for marketers from N970 per liter to N899.50 per litre, enabling a new retail price of N935 at different fuel outlets throughout Nigeria.

Garima stressed that continuous price reductions are anticipated in the upcoming months due to the ongoing competition in the downstream sector, which is being driven by the liberalization of the petroleum market.