Marketers Slash Fuel Price After Direct Deal with Dangote Refinery
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed a reduction in petrol prices by N50 per litre, following a direct purchase agreement with Dangote Refinery.
IPMAN President, Abubakar Maigandi, revealed that the new price range would be between N1,100 and N1,150 per litre, a decrease from the current N1,150-N1,200 per litre, depending on location.
According to Daily Post, Maigandi explained that IPMAN members, who had previously been purchasing petrol from Dangote Refinery at N940 per litre for vessels and N990 per litre for depots, would now pass on the savings to consumers.
The reduction is expected to benefit regions where petrol prices have been particularly high, such as Maiduguri, where petrol is currently priced at N1,200 per litre. In these areas, the new price could drop to around N1,150 per litre.
This price adjustment follows a deal between IPMAN and Dangote Refinery, allowing the association to bypass the Nigerian National Petroleum Corporation (NNPC) as the sole supplier of Dangote’s refined petrol.
The move is anticipated to ease the financial burden on consumers, especially in areas where fuel prices have remained high.
With petrol prices at retail outlets currently ranging from N1,060 to N1,200 per litre, the reduction is expected to bring some relief to Nigerians amid ongoing economic challenges.
