Petrol Price to Drop to N935 Nationwide by Monday

|By Adejumo Adekunle –

-IPMAN Confirms New Deal with Dangote Refinery

-Fuel Price Cut Targets Festive Transport Relief

-Nationwide Uniform Pricing Starts This Week

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the pump price of petrol will drop to N935 per litre nationwide starting Monday.

This reduction follows a strategic agreement between IPMAN and Dangote Refinery, which recently slashed its ex-depot price to N899.50 per litre, enabling uniform pricing across the country.

Speaking in Abuja on Sunday, IPMAN National President, Alhaji Maigandi Garima, commended the refinery for its efforts, highlighting that this initiative is aimed at easing transportation costs, especially during the festive period.

The arrangement has already commenced in Lagos, with the nationwide rollout set for Monday. Dangote Refinery has also partnered with MRS to ensure petrol is sold at N935 from its retail outlets.

Garima noted that increased competition in the downstream sector is driving the continuous drop in fuel prices. He recalled that during the 2023 Yuletide, fuel prices surged to N2,000 per litre in some regions due to reliance on imports, but with local refineries now active, the highest price is capped at N1,100.

Additionally, the Nigerian National Petroleum Company Limited (NNPCL) has reduced its ex-depot price from N1,020 to N899, further contributing to the price cut.

This move underscores the positive impact of deregulation and local refining on the petroleum industry and is expected to offer long-term economic benefits.