The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed their approval of the recent price reduction on petroleum products purchased from the Dangote Refinery, describing the move as a significant step in enhancing competition within the industry.
As reported by Naija News, Dangote Petroleum Refinery announced a reduction in the price of Premium Motor Spirit (PMS), widely known as petrol, to ₦970 per litre for oil marketers. This price cut follows a previous ex-depot price of ₦990 per litre, which was implemented earlier this month. The ₦20 decrease signals a positive shift in the pricing structure for petrol, benefiting both marketers and consumers across the country.
In a statement, Anthony Chiejina, the Chief Branding and Communications Officer at Dangote Refinery, emphasized that the price reduction was a gesture of gratitude to Nigerians for their unwavering support in bringing the refinery’s operations to fruition. Chiejina further explained that the price adjustment was in line with the company’s appreciation for the government’s role in promoting domestic enterprises, aiming to serve the collective interest of the nation.
Reacting to the development, Shettima Maigandi, President of IPMAN, spoke to The Guardian, commending Dangote Refinery for its initiative. Maigandi described the price cut as a reflection of the changing dynamics in Nigeria’s petroleum sector and highlighted how it underscores the competitive nature of the market. He noted that this move was a positive development that would benefit both marketers and consumers in the long term.
Maigandi reassured Nigerians that independent petroleum marketers would soon follow suit by reducing fuel prices at their filling stations once they begin receiving the product at the new, lower price from Dangote Refinery. “This is great news for independent petroleum marketers. With the reduced prices, we now have a high-quality product to offer at our stations, and we will immediately pass on the benefits to Nigerian consumers,” he added.
This price cut by Dangote Refinery marks a notable shift in the nation’s petroleum pricing structure, potentially leading to more favorable prices for consumers and creating a more competitive environment for marketers across the country. The move also reinforces the importance of local refining and domestic enterprise in shaping Nigeria’s energy sector.
