The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed plans to reduce Premium Motor Spirit (Petrol) prices by N50 per liter, following a direct supply agreement with Dangote Refinery.
In an interview with Channels Television on Tuesday, IPMAN National President, Abubakar Maigandi, disclosed that Dangote Refinery will sell petrol to IPMAN members at a template price of N940 and N990 per liter for depots and trucks, respectively.
Maigandi stated, “Presently, we have been given two different arrangements on how to buy fuel from the refinery. There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.”
This development is expected to lead to a price reduction of N50 per liter, depending on location.
“For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to N1,150, which is a reduction of N50,” Maigandi explained.
Dangote Refinery previously sold petrol solely to the Nigerian National Petroleum Company (NNPC). With this new partnership, IPMAN members will benefit from direct supply, enabling them to sell petrol at a lower price.
Currently, Nigerians purchase petrol at NNPCL retail outlets and other filling stations for between N1,060 and N1,200 per liter.
Dangote Refinery recently announced its gasoline prices as N960 and N990 per liter for ships and trucks, respectively, paving the way for this collaborative agreement with IPMAN.
