The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that petrol will sell at N935 per litre beginning from Monday, following the reduction of the ex-depot price by the Dangote Petroleum Refinery.
According to IPMAN’s National President, Maigandi Garima, the reduction in the ex-depot price to N899.50 per litre will enable marketers to sell at N935 per litre, incurring a cost of N36 on logistics.
He said on Sunday, “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. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935,” Garima stated in an interview with News Agency of Nigeria.
IPMAN’s National Publicity Officer, Chinedu Ukadike, explained that the price reduction is a result of the competition between the Dangote refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Ukadike stated, “The fight to control market share between NNPCL and Dangote is healthy for Nigerians because, at the end of the day, we would know the actual cost of PMS production and the amount spent on logistics.”
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has also begun registering its members with MRS filling station to lift Dangote petrol at N935 per litre.
PETROAN President, Billy Gillis-Harry, said, “Dangote price mechanism brings value for PETROAN members, and we are partnering with MRS filling station to sell at N935 per litre nationwide.”
The price reduction is expected to bring relief to Nigerians, who have been experiencing high petrol prices in recent times.
