The Independent Petroleum Marketers Association of Nigeria, IPMAN, has announced that the pump price of petrol will reduce to N935 per litre by Monday.
The development, according to IPMAN, follows the marketers’
new deal with Dangote Refinery.
IPMAN National President, Alhaji Maigandi Garima, who made
this known on Sunday in Abuja, commended the Dangote refinery for the
development
According to him, 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.
Recall that Dangote Refinery recently announced a reduction
in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its
loading gantry and provided generous credit terms to marketers.
In a bid to ensure that the price reduction gets to the
consumers, Dangote Refinery signed a partnership with MRS to sell petrol from
its retail outlets nationwide at N935.
The price reduction which is designed to alleviate transport
cost during the festive period and beyond, has already commenced in Lagos, and
will be applicable nationwide from Monday.
“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 the
refinery is saving us in this festive period,’’ the IPMAN leader said.
Garima said the competition being witnessed in the
downstream sector at the moment would see the price of fuel dropping
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.
He noted that the highest price fuel is being sold in the
areas currently is N1,100, because refineries are working in the country.
He equally commended the Naira for the crude swap deal,
adding that it is good for the growth of the economy.
Recall that the NNPCL had also slashed fuel ex-depot price
from N1,020 to N899.
The fuel price reduction reflects response to deregulation
and increased industry competition.
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