The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will sell at ₦935 per litre nationwide starting today, following a revised pricing and distribution arrangement with the Dangote Petroleum Refinery.
Dangote Refinery reduced its ex-depot price to ₦899.50 per litre, enabling marketers to sell petrol at ₦935 per litre after accounting for logistics costs of ₦36.
This marks a significant reduction from the previous ex-depot price of ₦970 per litre.
Over 30,000 IPMAN members are set to begin loading petrol from the Dangote Refinery and Port Harcourt Refining Company under the new pricing regime.
The arrangement aims to provide a uniform retail price nationwide.
Petrol prices dropped to between ₦950 and ₦980 per litre in select filling stations on Sunday, including MRS, BOVAS, and NNPC.
Prices in other outlets remained above ₦1,000 per litre but are expected to align with the new rate of ₦935 per litre starting today.
The price war between the Dangote Refinery and NNPC Limited has intensified competition, driving down prices for consumers.
On Saturday, NNPC Limited cut its petrol prices by 12% to stay competitive, following Dangote’s price reduction.
According to IPMAN’s publicity officer, Chinedu Ukadike, competition in the deregulated oil sector is now yielding benefits for Nigerians, fostering transparency in production and logistics costs.
Dangote Refinery: Now operating at 85% capacity (550,000 barrels per day), aiming to deliver European-standard products by January.
Port Harcourt Refinery: Also gearing up for product disbursement but has not commenced direct sales to marketers yet.
PETROAN (Petroleum Products Retail Outlet Owners Association of Nigeria) and IPMAN predict further reductions in petrol prices, attributing this to increased supply and improved logistics efficiency.
PETROAN President, Billy Gillis-Harry, noted that collaboration with MRS filling stations would ensure steady supplies at ₦935 per litre nationwide.
The revised pricing mechanism and competition in the sector are expected to stabilize prices during the festive season and beyond, easing the burden on Nigerian consumers.
As the sector adjusts to these changes, both IPMAN and PETROAN assured Nigerians of seamless supply and price reductions in line with market forces.
Meanwhile, Dangote Refinery aims to ramp up capacity to 100% soon, further enhancing supply stability.
