December 23, (THEWILL) – The Independent Petroleum Marketers Association of Nigeria has announced a new nationwide price of N935 per litre for petrol, effective Monday, December 23.
This development follows a revised agreement between the Independent Petroleum Marketers and the Dangote Petroleum Refinery, according to IPMAN’s National President, Maigandi Garma.
In a statement on Sunday, Garma explained that the reduction in the ex-depot price at Dangote Refinery and a newly standardized pricing framework are aimed at stabilizing fuel costs across the country.
He said, “Dangote Refinery has introduced a new pricing and loading arrangement under which marketers will pay a fixed ex-depot price of N899.50 per litre. This initiative is intended to ensure uniform petrol pricing nationwide.”
Garma added that the new arrangement represents a significant reduction compared to the previous ex-depot price of N970 per litre.
“The new pricing framework will allow marketers to sell petrol at N935 per litre at retail outlets, with a logistical cost of N36 factored in. This reduction is expected to come into effect on Monday,” he said.
Highlighting the competitive dynamics between the Nigerian National Petroleum Company Limited and Dangote Refinery, Garma described the price drop as a positive outcome of a deregulated petroleum sector.
“The competition between NNPCL and Dangote Refinery is healthy for Nigerians. It will bring transparency to PMS production costs and logistics while also driving down prices for consumers,” he stated.
He noted that the reduction would benefit both marketers and consumers, leading to increased product availability and consumption.
“For marketers, the lower cost will enhance our retailing capacity and allow us to pick up more volumes. For commuters, this price decrease is a relief and will encourage heavier consumption,” Garma said.
Garma disclosed that IPMAN members would source products from both the Dangote and NNPCL refineries, depending on their proximity to retail outlets.
“The arrangement with Dangote Refinery is through MRS depots, while NNPCL is facilitating loading from other depots. This proximity will streamline logistics and ensure efficient distribution,” he explained.
He emphasised that the deregulation of the petroleum sector is beginning to deliver on its promise of fair pricing through competition, ultimately benefiting Nigerians.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
