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Why Petrol Price Will Drop to ₦935 Per Litre Nationwide from Monday – IPMAN
IPMAN reveals reasons behind the upcoming nationwide petrol price reduction to ₦935 per litre starting Monday, highlighting improved supply chain efficiency.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has declared that, beginning Monday, petrol will be priced at N935 per litre across the country due to a new pricing structure implemented by Dangote Refinery.
Maigandi Garima, the National President of IPMAN, revealed this in an interview with the News Agency of Nigeria (NAN) held in Abuja on Sunday.
He praised the Dangote Refinery for its initiative to reduce the ex-depot fuel price and ensure consistent pricing nationwide.
Dangote Refinery has recently lowered its ex-depot fuel price by 7.27%, reducing it from N970 per litre to N899.50 per litre. Additionally, the company has introduced attractive credit terms for marketers and collaborated with MRS to ensure that petrol is retailed at N935 per litre across outlets nationwide.
Garima stated that the purpose of this price reduction is to ease transportation expenses for Nigerians during the festive season and beyond. “Dangote refinery has introduced a new system for loading and pricing, where marketers will pay a fixed ex-depot price of N899.50,” he mentioned. “We anticipate this new arrangement to commence on Monday.”
Garima mentioned that the refinery’s current ex-depot price shows a substantial decrease from the previous N970 per liter. He attributed this competitive pricing to the deregulation of the downstream oil sector.
He stated, “This is why we have consistently supported private sector involvement in the refinery industry. With more refineries set to become operational soon, we expect additional price reductions.”
He pointed out that during the 2023 festive season, fuel prices soared to as much as N2,000 per litre in certain northern and eastern regions of the country because of a dependence on imported fuel. Now, due to local refinery operations, the maximum price in these areas is approximately N1,100.
Garima conveyed optimism that the resumption of operations at the Warri and Kaduna refineries would lead to more affordable fuel prices, which would benefit the economy.
He also praised the crude-for-naira exchange agreement as a beneficial move for economic development, noting that NNPC Ltd. recently lowered its ex-depot price from N1,020 to N899.
The current price changes are a result of deregulation and increased competition in the downstream oil industry.