The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will now sell at N935 per litre nationwide starting today, Monday.
According to IPMAN’s National President, Maigandi Garima, this price adjustment follows a new arrangement with the Dangote Petroleum Refinery, which has reduced its ex-depot price to N899.50 per litre. The new plan includes uniform pricing across the country, with marketers adding about N36 for logistics.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935,” Garima stated.
IPMAN revealed that over 30,000 members are set to begin loading petrol from the Dangote Refinery and the Port Harcourt Refining Company under the new pricing structure.
Meanwhile, some petrol stations in Lagos, including MRS, BOVAS, and NNPC outlets, had already reduced prices to between N950 and N980 per litre on Sunday. However, many stations still sold petrol above N1,000 per litre. IPMAN assured that more stations will adjust to the new N935 price.
This development has also sparked a price competition between NNPCL and Dangote Refinery, with both companies reducing ex-depot prices. On Saturday, NNPCL cut petrol prices by 12%, following Dangote’s earlier price adjustment.
IPMAN’s Publicity Officer, Chinedu Ukadike, welcomed the competition, saying it would lower petrol prices and reveal the true cost of production and logistics. He noted that marketers would source petrol from both Dangote and NNPCL refineries, depending on proximity to retail outlets.
“When there are multiple sources of petroleum products, there will be production and pricing competition. That interplay of pricing has come to the centre stage, and it is now to the advantage of the commuters who wish that this petroleum product will be sold at a lesser price,” Ukadike said.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) confirmed that its members are registering with MRS filling stations to sell Dangote’s petrol at the new price. PETROAN’s President, Billy Gillis-Harry, assured Nigerians of smooth product distribution to ensure price reduction across the country.
“We have not started picking up products from the Port Harcourt refinery, even from the Dangote refinery. But some of our members, out of their magnanimity, are trying to sell at a cheaper price even in Abuja.
“Dangote price mechanism brings value for PETROAN members, and we are partnering with MRS filling station to sell at N935 per litre nationwide. Our members partnering with MRS will do that. The station has opened its valves to accommodate as many members that can work with them. So from this morning (Sunday), we were already up and running on their platform to register our members. It is a wonderful thing that is coming up and we hope NNPCL will also follow suit,” he said.
The Dangote Refinery, now operating at 85% capacity, aims to deliver European-standard fuel by January. “We have gone up to 550,000 bpd, that is 85 per cent capacity in crude distillation,” said Edwin Devakumar, a senior refinery official.
