In a significant development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that Premium Motor Spirit (Petrol) prices will decrease by N50 upon direct lifting from Dangote Refinery.
IPMAN National President, Abubakar Maigandi, disclosed on Channels Television that Dangote Refinery has agreed to sell petrol to IPMAN members at N940 and N990 per litre for depots and trucks, respectively.
Maigandi explained that IPMAN members, currently selling petrol between N1,150 and N1,200 per litre, will reduce prices by N50 depending on location. “For instance, in Maiduguri, where petrol currently sells for N1,200 per litre, the price may drop to N1,150.”
This development follows IPMAN’s announcement that Dangote Refinery will sell petrol directly to its members, ending Nigerian National Petroleum Company’s (NNPC) sole buyer status.
Dangote Refinery’s gasoline prices stand at N960 and N990 per litre for ships and trucks, respectively. In contrast, Nigerians currently purchase petrol between N1,060 and N1,200 at NNPCL retail outlets and other filling stations.
The partnership between IPMAN and Dangote Refinery is expected to bring relief to Nigerians, who have been bearing the brunt of high petrol prices.
“Presently, we have been given two different arrangements on how to buy fuel from the refinery… For the depots, it is at the rate of N990 per litre.” – Abubakar Maigandi, IPMAN National President
