News Update
THE Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday.
The development, according to IPMAN, follows the marketers’ new deal with Dangote Refinery.
IPMAN National President, Alhaji Maigandi Garima, who made this known on Sunday in Abuja, commended the Dangote refinery for the development
According to him, the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
VAM News recalls that Dangote Refinery recently announced a reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.
In a bid to ensure that the price reduction gets to the consumers, Dangote Refinery signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.
The price reduction which is designed to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be applicable nationwide from Monday.
“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.
“We have been loading from the Dangote Refinery and the refinery is saving us in this festive period,’’ the IPMAN leader said.
Garima said the competition being witnessed in the downstream sector at the moment would see the price of fuel dropping continuously.
He recalled that during the 2023 Yuletide, a litre of fuel was sold at N2000 in the northern and eastern parts of the country because fuel was being imported at that period.
He noted that the highest price fuel is being sold in the areas currently is N1,100, because refineries are working in the country.
He equally commended the Naira for the crude swap deal, adding that it is good for the growth of the economy.
VAM News reports that the NNPCL had also slashed fuel ex-depot price from N1,020 to N899.
The fuel price reduction reflects response to deregulation and increased industry competition.
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