The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that petrol will now sell at N935 per litre starting Monday, following a significant reduction in Dangote Refinery’s ex-depot price and the introduction of a uniform pricing structure.
This was disclosed by IPMAN National President, Alhaji Maigandi Garima, during an interview in Abuja. He revealed that the refinery has reduced its ex-depot price from N970 to N899.50 per litre, enabling marketers to offer petrol at a uniform pump price nationwide.
According to Garima, this initiative will bring relief to Nigerians, particularly during the festive season, by easing transportation costs.
“Dangote Refinery has introduced a new arrangement to ensure that petrol is sold uniformly across the country. We have been loading fuel at N899.50 ex-depot price, and by Monday, the pump price will stabilize at N935 per litre nationwide,” Garima said.
Collaboration with MRS Petroleum
To ensure the price reduction is effective at retail outlets, Dangote Refinery has partnered with MRS Petroleum to distribute fuel at the new rate. The arrangement, which began in Lagos, will now be implemented across Nigeria.
Economic Benefits of Deregulation
Garima attributed the drop in prices to increasing competition in the downstream sector, a result of Nigeria’s deregulated petroleum industry. He expressed optimism that more private refineries will enter the market soon, further driving down prices.
“This is the benefit of deregulation. When more refineries, like Warri and Kaduna, resume production, we’ll see even lower prices. It’s a positive development for the economy and for Nigerians,” he said.
Addressing Regional Disparities
Garima highlighted that during the 2023 festive season, petrol prices skyrocketed to N2,000 per litre in the Northern and Eastern regions due to import dependency. However, with local refineries like Dangote now operational, the maximum price in those regions has dropped to N1,100 per litre.
NNPC Joins the Initiative
In a related development, NNPC Limited announced a reduction in its ex-depot price from N1,020 to N899 per litre, aligning with Dangote Refinery’s pricing strategy.
A Brighter Future for Consumers
This price reduction underscores the growing benefits of deregulation and private sector participation in Nigeria’s oil and gas sector. As more refineries begin operations, Nigerians can expect increased stability and affordability in fuel pricing.
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