IPMAN Announces Reduction in Petrol Price Following Direct Supply from Dangote Refinery

Following the direct lifting of fuel from Dangote Refinery, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a reduction of N50 in the price of Premium Motor Spirit (Petrol).

Abubakar Maigandi, the National President of IPMAN, disclosed this in an interview with Channels Television on Tuesday. According to Maigandi, Dangote Refinery has committed to providing gasoline to IPMAN members at a template price of N940 per litre for vessels and N990 per litre for depots.

Maigandi explained that this will enable IPMAN members, who currently sell Dangote Petrol for between N1,150 and N1,200 per litre, to lower the price by N50 depending on the region.

“Presently, we have been given two different arrangements on how to buy fuel from the refinery,” Maigandi said. “We can load the vessels and carry to our various depots at the rate of N940 per litre. For the depots, it is at the rate of N990 per litre.”

“For example, the current price in Maiduguri is N1,200 per litre. With these changes, it may likely reduce to N1,150, which is a reduction of N50. It may even be below that,” he stated.

This development follows IPMAN’s announcement on Monday that Dangote Refinery has agreed to sell fuel directly to its members, bypassing the Nigerian National Petroleum Company (NNPCL) as the exclusive buyer of Dangote Petrol.

Currently, Dangote Refinery’s fuel prices for trucks and ships are set at N960 and N990 per litre. Nigerians continue to buy petrol at retail locations for prices between N1,060 and N1,200 per litre.