Fuel prices at the pumps are set to decline starting today following ex-depot price cuts by the Nigerian National Petroleum Corporation (NNPC) and Dangote Refineries.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that the new pump price for petrol will be ₦935 per litre, reflecting the reduced ex-depot prices.
According to IPMAN’s National President, Maigandi Garima, the reduction in Dangote Refinery’s ex-depot price and a uniform pricing mechanism will enable marketers to sell petrol nationwide at ₦935 per litre, with an additional logistics cost of ₦36.
Garima explained that Dangote Refinery introduced a fixed ex-depot price of ₦899.50k per litre, aiming for consistent fuel prices across the country. Previously, the loading price was ₦970 per litre, but it will drop to ₦935 from today.
IPMAN also revealed that over 30,000 of its members are ready to begin loading petrol from Dangote Petroleum Refinery and the Port Harcourt Refining Company, with the ex-depot price now ₦899 per litre.
On Sunday, some filling stations in Lagos, such as MRS, BOVAS, and NNPC, sold petrol at prices ranging between ₦950 and ₦980 per litre, while other outlets maintained prices above ₦1,000 per litre. IPMAN assured Nigerians that the pump price would drop further as the new pricing arrangement from Dangote Refinery takes effect.
PETROAN Partner With MRS Oil
Meanwhile, members of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have started registering with MRS Oil filling stations to lift petrol at ₦935 per litre under Dangote’s pricing scheme.
IPMAN’s National Publicity Officer, Chinedu Ukadike, and PETROAN’s President, Billy Gillis-Harry, confirmed these developments during interviews on Sunday.
Over the weekend, NNPCL reduced its petrol price by 12%, responding to Dangote Refinery’s earlier price reduction to ₦899 per litre. This competition in the downstream sector is benefiting consumers with lower prices.
Ukadike described the price reduction as a positive outcome of a deregulated oil sector, promoting healthy competition.
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