By Adeyemi Adekunle
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a nationwide reduction in petrol prices, with petrol now selling at N935 per litre starting today. This follows Dangote Refinery’s decision to cut its ex-depot price to N899.50 per litre, providing much-needed relief to Nigerians during the festive season.
IPMAN’s National President, Maigandi Garima, confirmed the development in Abuja, praising Dangote Refinery for its decisive intervention. He highlighted that the new pricing arrangement, which includes favorable credit terms, will ensure affordability for consumers across the country.
“Dangote Refinery has introduced a fixed ex-depot price of N899.50 per litre, which allows marketers to sell at N935 nationwide,” Garima said. He noted that the price reduction had already begun in Lagos and would be fully implemented nationwide starting today.
The move is part of a broader strategy by Dangote Refinery to stabilize fuel prices during the festive period and beyond. To facilitate nationwide access, the refinery has partnered with MRS to sell petrol at uniform rates through its retail outlets.
“This new arrangement ensures that fuel consumption across the country is at the same rate, bringing relief to Nigerians during this critical time,” Garima added.
The reduction marks a significant shift in the downstream oil sector, with competition expected to grow as more private refineries enter the market.
Garima pinpoints that the trend is already driving prices downward. “This is why we have always advocated for private sector participation in refining. With more refineries like Dangote operating, prices will continue to drop, benefiting consumers and the economy.”
The announcement also offers a stark contrast to the challenges of the previous year, when fuel prices surged to N2,000 per litre in parts of the North and East due to heavy reliance on imports. With increased domestic refining capacity, prices in those regions are now capped at N1,100 per litre.
Garima expressed optimism about the sector’s future, emphasizing the role of upcoming refineries in Warri and Kaduna. “Once these refineries resume operations, we can expect even more significant price reductions. This progress is a positive sign for the Nigerian economy,” he stated.
The reduction comes at a time when fuel prices have a direct impact on transportation costs and household expenses. By stabilizing prices, Dangote Refinery is helping to ease economic pressures for millions of Nigerians.
As the festive season unfolds, this initiative sets a promising tone for the future of Nigeria’s downstream oil sector, demonstrating how private sector participation can drive competition, efficiency, and affordability.
