The Independent Petroleum Marketers Association of Nigeria has announced that petrol will sell for ₦935 per litre beginning from Monday.
This development follows a price war between the Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited, which has led to a reduction in the ex-depot price of petrol.
The National President of IPMAN, Maigandi Garima, stated that the association’s members would sell petrol at ₦935 per litre, incurring a logistics cost of ₦36.
According to Garima, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of ₦899.50k. The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate.”
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He noted that over 30,000 IPMAN members are set to commence petrol loading from the Dangote Petroleum Refinery and the Port Harcourt Refining Company following the reduction of the ex-depot price of petrol to ₦899 per litre.
The IPMAN National Publicity Officer, Chinedu Ukadike, said the price reduction would benefit Nigerians, as it would reveal the true cost of petrol production and logistics expenses.
Ukadike stated, “The fight to control market share between NNPCL and Dangote is healthy for Nigerians because, at the end of the day, we would know the actual cost of PMS production and the amount spent on logistics.”
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The development has been hailed by many Nigerians, who expressed optimism that the price reduction would stimulate economic growth and increase fuel availability.
However, some critics argued that the price reduction was not significant enough, while others expressed concerns about the potential for price fluctuations in the future.
