Following a new deal between oil marketers and Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will be reduced to N935 per litre by Monday nationwide.
The development was announced by IPMAN National President, Alhaji Maigandi Garima, in a statement on Sunday in Abuja.
Garima while commending Dangote Refinery for the development, disclosed that the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
“Dangote Refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote Refinery, and this new programme is expected to ease the burden of fuel costs during this festive season. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935” the IPMAN leader said.
Garima said the competition in the downstream sector currently would see the price of fuel drop continuously.
He recalled that during the 2023 Yuletide, a litre of fuel was sold at N2000 in the northern and eastern parts of the country because fuel was being imported at that period.
By: Babajide Okeowo @RipplesNigeria
