The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of petrol will drop to N935 per litre by Monday, following a new arrangement by Dangote Refinery.
Tribune Online reports that Dangote Refinery recently slashed its fuel price by 7.27 per cent, reducing it from N970 per litre to N899.50k per litre for oil marketers.
IPMAN attributed the price reduction to a decrease in Dangote Refinery’s fuel ex-depot price and a uniform pricing structure, which will enable marketers nationwide to sell at the new rate.
Alhaji Maigandi Garima, IPMAN’s National President, disclosed the development during an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He commended Dangote Refinery for the initiative, describing it as a timely intervention.
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He said, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50.
“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.”
He added that the new arrangement reflects a significant drop from the previous ex-depot price of N970 per litre at Dangote Refinery.
Garima noted that deregulation of the downstream sector has fostered healthy competition, paving the way for a steady decline in fuel prices.
“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon, more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he added.
Reflecting on the 2023 yuletide period, Garima recalled that petrol was sold at N2,000 per litre in parts of the Northern and Eastern regions due to reliance on imported fuel.
He noted that prices in those areas are now capped at N1,100 per litre due to the functioning refineries in the country.
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