The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a N50 reduction in the price of Premium Motor Spirit (PMS) upon sourcing petrol directly from the Dangote Refinery. This announcement was made by the National President of IPMAN, Abubakar Maigandi, during an interview with Channels Television on Tuesday.
According to Maigandi, the Dangote Refinery has agreed to provide fuel to IPMAN members at a price range of N940 per litre for depot purchases and N990 per litre for truck loading. This adjustment is expected to bring down fuel prices for consumers as IPMAN members, who currently sell petrol at prices ranging from N1,150 to N1,200 per litre, will implement a N50 price reduction, subject to location variations.
“Currently, we have been given two distinct arrangements for purchasing fuel from the refinery,” Maigandi stated. “The first option allows us to load fuel onto vessels and distribute it to various depots at N940 per litre. The second option is depot loading at a rate of N990 per litre.”
Providing further context, Maigandi highlighted that in regions such as Maiduguri, where petrol prices currently reach N1,200 per litre, the cost could potentially decrease to N1,150 or even lower, offering a significant reprieve for consumers.
This announcement follows IPMAN’s earlier statement on Monday, confirming a new agreement with the Dangote Refinery for direct fuel procurement. This arrangement marks a departure from the previous system, in which the Nigerian National Petroleum Company Limited (NNPCL) was the sole distributor of Dangote-produced petrol.
The Dangote Refinery, in a related development, disclosed its gasoline pricing at N960 per litre for vessel transport and N990 per litre for trucks. Presently, petrol prices at NNPCL retail outlets and other filling stations range between N1,060 and N1,200 per litre across the country.
