IPMAN Announces New Petrol Price of N935 per Litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that effective today, the price of petrol will be set at N935 per litre, following a new agreement with the Dangote Petroleum Refinery. IPMAN’s National President, Maigandi Garima, explained that this decrease in the ex-depot price for petrol at the Dangote refinery, combined with a standardized pricing framework, will enable marketers to sell petrol at this price across their outlets nationwide, despite incurring a logistical cost of N36.

Garima detailed that the Dangote refinery has introduced a new loading and pricing arrangement, where marketers will pay a fixed ex-depot price of N899.50 per litre. This initiative aims to standardize fuel consumption rates across the country. He noted that the previous loading price was N970 per litre, highlighting the significant drop in prices beginning today.

Additionally, the publicity officer of IPMAN indicated that marketers are preparing to load petrol at this new, lower cost following the national oil company's recent adjustments to its pricing on the purchasing portal. Ukadike emphasized that the competition for market share between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote is beneficial for consumers, as it will reveal the actual costs of producing Premium Motor Spirit (PMS) and the associated logistics expenses.

Ukadike stated, “NNPCL has changed their price on their portal, which allows anyone with access to request and pay for products. Once payment is made, they will be called to the depot to pick up their products.” He welcomed the reduced price as a positive development, reflecting the advantages of a deregulated market where multiple sources of petroleum products foster competition.

The competition between NNPCL and Dangote is seen as healthy for Nigerians, as it is expected to clarify the true costs of PMS production and logistics. Ukadike further noted that this price reduction will enhance marketers' retailing capacity and increase volume sales. He observed that while consumption had previously declined, the new pricing structure is likely to stimulate demand significantly, as customers are now more inclined to purchase fuel at lower prices. Marketers will source products from both refineries, with logistical considerations playing a crucial role in distribution efficiency.