The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that fuel stations across the country will begin selling petrol at ₦935 per litre starting Monday, 23rd December.
Alhaji Maigandi Garima, the National President of IPMAN, made this revelation during an interview with journalists on Sunday. He stated that this new price will be implemented by all fuel stations in Nigeria, following a reduction in fuel prices by Dangote Refinery.
In a bid to offer relief to Nigerians during the holiday season, Dangote Petroleum Refinery announced a reduction in the price of Premium Motor Spirit (PMS) to ₦899.50 per litre. This price change was disclosed in a statement on Thursday by Anthony Chiejina, the company’s Chief Branding and Communications Officer.
Garima further explained that the new price structure is the result of a fresh pricing arrangement introduced by Dangote Refinery. According to him, the refinery now offers marketers a fixed ex-depot price of ₦899.50 per litre. The goal of this new pricing scheme is to standardize fuel costs nationwide, ensuring that fuel is sold at uniform prices across the country.
He emphasized that the new pricing system would take effect on Monday, noting that fuel marketers have already begun sourcing fuel from the Dangote Refinery. “The refinery is helping us especially during this festive period,” Garima added.
Garima also expressed optimism that fuel prices could continue to decrease in the future, as increased competition in the downstream sector follows the deregulation of the oil industry. He advocated for greater private sector participation in Nigeria’s refinery business, believing that it would foster increased competition and ultimately lead to lower fuel prices.
“We are hopeful that with more refineries coming online, particularly when the Warri and Kaduna refineries resume production, fuel prices will be significantly reduced. This is a positive development for the country’s economy,” Garima said.
He also highlighted the positive impact of the Naira crude swap deal, praising it as a significant factor contributing to the ongoing reduction in fuel prices. Garima concluded by reaffirming that these changes would benefit the Nigerian economy in the long term.
