The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that starting from Monday, petrol prices will drop to N935 per litre across the country.
This reduction follows a new arrangement with the Dangote Petroleum Refinery, which has significantly lowered its ex-depot price for petrol.
IPMAN’s National President, Maigandi Garima, revealed that the Dangote refinery has introduced a new pricing structure that sets the ex-depot price at N899.50 per litre. This is a reduction from the previous N970 per litre, enabling marketers to retail petrol at N935 per litre, with an additional N36 logistics cost. Garima noted that over 30,000 members of IPMAN are set to start loading petrol from both the Dangote and Port Harcourt refineries under this new arrangement.
This price drop follows a recent reduction in the ex-depot price by the Dangote refinery and a competitive price war between the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote, aimed at driving down prices in the downstream sector. Retail outlets have already started observing the price drop, with some stations in Lagos offering petrol at between N950 and N980 per litre, while others remain above N1,000 per litre.
The price reduction is attributed to the ongoing competition between NNPCL and Dangote Refinery, which has benefited consumers by lowering prices and providing more accessible fuel. IPMAN’s National Publicity Officer, Chinedu Ukadike, highlighted that this price war is a positive development in a deregulated oil sector, as it helps reveal the true costs of petroleum production and logistics.
Retail outlet owners, including those under the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), have begun registering with MRS filling stations to lift Dangote petrol at the new rate. PETROAN President, Billy Gillis-Harry, emphasized that this partnership would allow members to sell petrol at N935 per litre nationwide.
The reduction is seen as a part of ongoing reforms aimed at making petrol more affordable for Nigerians, especially during the festive season. Both IPMAN and PETROAN assured Nigerians that there would be no artificial scarcity, and filling stations would remain operational throughout the holidays.
Additionally, the Dangote Refinery is now operating at 85% of its capacity, producing around 550,000 barrels per day (bpd) and is expected to start delivering European-standard products by January. This development is expected to further stabilize the Nigerian fuel market and contribute to reducing prices in the future.
