The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a reduction in petrol prices to N935 per litre, effective Monday.
This follows a new agreement with Dangote Refinery, aimed at lowering fuel costs across the country. According to IPMAN, the price cut is the result of a decrease in Dangote Refinery’s ex-depot price, which will be applied uniformly at fuel stations nationwide. IPMAN’s National President, Alhaji Maigandi Garima, commended Dangote Refinery for its efforts in making this price reduction possible.
Speaking on Sunday in Abuja, Garima explained that the lower fuel price was due to a reduction in Dangote Refinery’s ex-depot price, which now stands at N899.50 per litre, a 7.27% decrease from the previous rate of N970. The new price, which will be rolled out nationwide on Monday, aims to provide relief to consumers, particularly by lowering transportation costs during the festive season. Garima said the price reduction is an effort to ease the financial burden on Nigerians during the holidays.
Garima also noted that IPMAN had partnered with MRS to ensure that the new retail price of N935 per litre would be reflected at all fuel outlets nationwide. This partnership ensures that the price reduction is accessible to consumers in both urban and rural areas. The move is expected to bring much-needed relief, especially in Lagos, where the price cut has already been implemented.
The IPMAN leader also pointed out that the ongoing competition in the Nigerian fuel market is driving continuous price reductions. He highlighted that, last year, fuel prices in parts of northern and eastern Nigeria reached as high as N2000 per litre due to reliance on imported fuel. However, with local refineries now operational, the highest price currently seen in those regions is N1,100 per litre.
Garima expressed confidence that the competition within the downstream sector would continue to drive further price drops in the near future. He also praised the Naira’s crude swap deal, which he believes is contributing positively to the nation’s economic growth. In addition, the NNPCL recently reduced its ex-depot price from N1,020 to N899 per litre, further reflecting the ongoing deregulation of the fuel industry and increasing competition.
As the holiday season approaches, Nigerians can expect to benefit from this price reduction, which will help alleviate transport costs during this festive period and beyond.
