Would you like to receive notifications on latest updates of the following headlines?

Dangote Refinery: Fuel price to sell N935 from Monday- IPMAN

POSTED ON December 23, 2024 •   Breaking News      BY Abiodun Saheed Omodara
Dangote refinery, IPMAN logo, patrol Nozzle

ABUJA Nigeria - The Independent Petroleum Marketers Association of Nigeria has announced that the  price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement.

IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.

 

IPMAN National President, Maigandi Garima, who made this known on Sunday during an interview in Abuja, lauded the Dangote refinery for the development.

Dangote refinery recently announced a significant reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.

In the bid to ensure that the price reduction gets to the end consumers, it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

The price reduction which is designed by Dangote refinery to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be offered nationwide from Monday.

He stated, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k. The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate.

We are expecting the new arrangement to kick-start on Monday. We have been loading from the Dangote refinery and the refinery is saving us in this festive period.’’

The IPMAN president said previously it was loading at N970 per litre at Dangote refinery, but based on the arrangement and promise from Dangote, by Monday fuel price would drop to N935.

Mr Garima said the downstream sector competition being witnessed currently was expected by marketers since due to deregulation, adding that it would see the price of fuel dropping continuously.

“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business. Very soon more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he said.

He recalled that during the 2023 yuletide, per litre of fuel was sold at N2, 000 in the northern and eastern part of the country because fuel was being imported at that period.

He added that the highest price of which fuel could be sold there currently is N1, 100 because refineries were running in the country.

“By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy,’’ he added.

He however commended the naira for the crude swap deal, adding that it was a good development for the growth of the economy.

The NNPC Ltd. had also slashed fuel ex-depot prices from N1, 020 to N899.

The fuel price reduction reflects response to deregulation and increased industry competition.

READ ALSO
Reps Launches Committee to Review CNG Policy Implementation
BY Abiodun Saheed Omodara June 27, 2025 0

The House of Representatives has formed an ad-hoc committee tasked with examining the Federal Govern...

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 23, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
FG Coordinates Evacuation Plans for Citizens in Iran-  Minister
BY Abiodun Saheed Omodara June 22, 2025 0

ABUJA, Nigeria - The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has refuted false narrati...

READ ALSO
Governors, FG Unite to Tackle Food Security Challenges
BY Abiodun Saheed Omodara June 20, 2025 0

The 36 state governors have come together to collaborate with the Federal Government on harmonizing...

READ ALSO
Tinubu to Launch Multiple Development Projects Today in Kaduna
BY Abiodun Saheed Omodara June 19, 2025 0

KADUNA, Nigeria - President Bola Tinubu is anticipated to arrive in Kaduna State today for the inaug...

OUR CHANNELS:

Tinubu's Visit to Saint Lucia: A Diplomatic and Cultural Milestone- Presidency
BY Abiodun Saheed Omodara June 30, 2025 0

The Presidency defended President Bola Tinubu’s current state visit to Saint Lucia on Sunday,...


Canada Tightens PGWP Eligibility, New Fields of Study Added, Others Removed
BY Abiodun Saheed Omodara June 29, 2025 0

Canadian authorities have made it more difficult for international students to qualify for post-grad...


Fubara Expresses Disappointment Over Conditions for Return to Office
BY Abiodun Saheed Omodara June 30, 2025 0

RIVERS, Nigeria- Suspended Rivers State Governor, Siminalayi Fubara, has expressed his disappointmen...


Tinubu to Discuss Sustainable Governance at BRICS Summit in Rio
BY Abiodun Saheed Omodara June 30, 2025 0

President Bola Tinubu arrived in Vieux Fort, Saint Lucia, on Saturday for the first leg of his two-p...


NDLEA Seizes Over 6,700 kg of Illicit Drugs in Cross River, Arrests 191 Suspects
BY Abiodun Saheed Omodara June 29, 2025 0

The National Drug Law Enforcement Agency (NDLEA) has reported the destruction of 30 hectares of cann...


UTME Mop-Up Sees Over 80% Absenteeism Amid Security Measures
BY Abiodun Saheed Omodara June 28, 2025 0

Over 80% of the 98,232 candidates eligible for Saturday's nationwide mop-up Unified Tertiary Matricu...


Makinde Advocates for National Rebirth
BY Abiodun Saheed Omodara June 29, 2025 0

OYO, Nigeria - Oyo State Governor, Seyi Makinde, emphasized the necessity for a national rebirth on...


Nigeria's Public Debt Reaches N149.39 Trillion, Marking 22.8% Annual Increase
BY Abiodun Saheed Omodara June 28, 2025 0

As of March 31, 2025, Nigeria's total public debt reached N149.39 trillion, showing an annual increa...


Ganduje Resigns as APC Chairman amid Health Concerns and Political Turmoil
BY Abiodun Saheed Omodara June 30, 2025 0

The Presidency, via Special Adviser to the President on Publicity and Strategy, Bayo Onanuga, stated...


France to Enforce Nationwide Smoking Ban in Public Outdoor Spaces
BY Abiodun Saheed Omodara June 29, 2025 0

Starting this Sunday, smoking will be banned on beaches, in public parks, gardens, bus shelters, and...


More Articles

Load more...

Menu