The Independent Petroleum Marketers Association of Nigeria (IPMAN) has officially announced that the price of petrol will be reduced to N935 per litre across the country, effective today. This significant price drop is a result of a new pricing arrangement established by the Dangote Refinery, which aims to enhance fuel accessibility and affordability for Nigerians during the festive season.
In a statement made by IPMAN's National President, Alhaji Maigandi Garima, the association praised the Dangote Refinery for its recent adjustments that have facilitated this price reduction. The refinery has lowered its ex-depot price from N970 to N899.50 per litre, allowing marketers to sell petrol at the new rate while incurring a manageable logistics cost of N36.
"This new arrangement not only reflects a decrease in operational costs but also promotes uniform pricing across all retail outlets nationwide," Garima stated. "The initiative is designed to ensure that consumers benefit from reduced prices during this critical period."
The partnership with MRS filling stations will enable over 30,000 IPMAN members to commence petrol distribution at the new price point. This collaborative effort is expected to alleviate transportation costs and enhance fuel availability across various regions, particularly during the high-demand festive season.
Garima highlighted that this reduction is part of a broader strategy to stabilize fuel prices amid increasing competition in the downstream sector. He noted that previously, petrol prices had surged significantly, causing concern among consumers and stakeholders alike.