Fuel to be sold N935/ltr from Monday – IPMAN
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that the price of petrol will, from Monday, drop to N935 per litre because of Dangote Refinery’s new arrangement.
According to IPMAN, the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, enabling marketers to sell at N935 in their outlets nationwide.
Alhaji Maigandi Garima, IPMAN National President, who made this known on Sunday in an interview with the News Agency of Nigeria (NAN) in Abuja, lauded the Dangote refinery for its development.
To ensure that the price reduction gets to the end consumers, it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.
“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
“We have been loading from the Dangote refinery, and the refinery is saving us in this festive period,’’ he said.
The IPMAN president said previously it was loading at N970 per litre at the Dangote refinery, but based on the arrangement and promise from Dangote, by Monday, fuel price will drop to N935, adding that the downstream sector competition being witnessed currently was expected by marketers since due to deregulation, adding that it would see the price of fuel dropping continuously.
“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.
“Very soon, more refineries are coming up, and the country will see a lot of price reduction in the downstream sector,’’ he said.
READ ALSO: After Dangote’s announcement, NNPCL reduces petrol price to N899/ltr
He recalled that during the 2023 yuletide, per litre of fuel was sold at N2,000 in the Northern and Eastern parts of the country because fuel was being imported at that period.
He added that the highest price of which fuel could be sold there currently is N1,100 because refineries are running in the country.
“By the time Warri and Kaduna resume production, one can buy products at cheaper rates, which is good for the economy,’’ he added.
He, however, commended the Naira for the crude swap deal, adding that it is a good development for the economy’s growth.
The NNPC Ltd. had also slashed fuel ex-depot price from N1, 020 to N899.
The fuel price reduction reflects the response to deregulation and increased industry competition.
Source: Vanguard newspaper
