Rita Odafe
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that starting from Monday, December 23, the price of petrol will drop to N935 per litre.
This change comes as a result of a new arrangement between the marketers and Dangote Refinery.
Alhaji Maigandi Garima, IPMAN’s National President, expressed his appreciation for Dangote Refinery’s efforts during an announcement made in Abuja on Sunday.
The new pricing arose due to a decrease in the ex-depot price of fuel at Dangote Refinery, enabling uniform selling rates across outlets.
Recently, Dangote Refinery lowered its fuel price by 7.27%, from N970 to N899.50 at its loading bay, while also offering favorable credit terms to marketers.
To facilitate this price cut for consumers, Dangote Refinery has joined forces with MRS to distribute petrol at N935 through its retail network nationwide.
This initiative aims to reduce transportation costs during the holiday season and has already started in Lagos, with a full rollout expected on Monday.
“The new loading and pricing agreement entails that marketers will pay a fixed ex-depot price of N899.50.
“The refinery intends to normalize fuel consumption rates across the country, and we anticipate this new system will be operational on Monday,” stated the IPMAN leader.
He added that their collaboration with Dangote Refinery has been particularly beneficial during this festive season.
Garima noted that the ongoing competition in the downstream sector is expected to lead to ongoing reductions in fuel prices.
He recalled that last year, fuel prices soared to N2000 per litre in northern and eastern Nigeria due to reliance on imports.
He mentioned that the highest current price in certain areas is N1,100, thanks to local refinery operations.
Garima also praised the Naira for the crude swap deal, highlighting its positive impact on the economy.
Reports indicate that NNPCL has also cut its fuel ex-depot price from N1,020 to N899, which mirrors the effects of deregulation and heightened competition within the industry.
