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
Nigeria at Risk: Scientist Warns of Imminent Earthquakes and Climate Disasters
BY Abiodun Saheed Omodara July 28, 2025 0

A scientist located in Uyo, Akwa Ibom State, Dr. Anietie Ikott, has cautioned that Nigeria might soo...

READ ALSO
Buhari Dies in London after Brief Illness
BY Abiodun Saheed Omodara July 13, 2025 0

Nigeria’s immediate past president, Muhammadu Buhari, has died in London. Buhari died on Sund...

READ ALSO
Sowore Condemns Tenure Extensions of Senior Security Officials for Violating 35-Year Service Limit
BY Abiodun Saheed Omodara July 6, 2025 0

Human rights advocate and ex-presidential aspirant, Omoyele Sowore, has criticized the ongoing tenur...

READ ALSO
South-West Demands Five New States and Constitutional Recognition for Traditional Rulers in Ongoing Constitutional Review
BY Abiodun Saheed Omodara July 4, 2025 0

The demand for the establishment of five new states, the recognition of traditional rulers in the co...

READ ALSO
Federal High Court Orders Reinstatement of  Natasha Akpoti-Uduaghan, Calls Suspension "Excessive"
BY Abiodun Saheed Omodara July 4, 2025 0

A Federal High Court in Abuja ruled on Friday that the Nigerian Senate exceeded its authority by sus...

READ ALSO
Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara June 30, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...

READ ALSO
Tinubu to Discuss Sustainable Governance at BRICS Summit in Rio
BY Abiodun Saheed Omodara June 29, 2025 0

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

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...

OUR CHANNELS:

Mali Detains Soldiers in Crackdown on Alleged Coup Attempt Against Junta
BY Abiodun Saheed Omodara August 11, 2025 0

Mali has detained numerous soldiers suspected of attempting to overthrow the junta that assumed powe...


Davido Pays Tribute to Ifeanyi During Wedding Ceremony
BY Abiodun Saheed Omodara August 11, 2025 0

Afrobeats superstar David Adeleke, better known as Davido, wore custom cufflinks featuring an image...


Raye Faces Disciplinary Action, Not Political Punishment- NYSC Clarifies
BY Abiodun Saheed Omodara August 11, 2025 0

The National Youth Service Corps (NYSC) has rejected allegations that Corps Member Ushie Rita Uguama...


E-Hailing Operators Face Mandatory Vehicle Audits Amid Safety Concerns
BY Abiodun Saheed Omodara August 11, 2025 0

The Lagos State Government has mandated a thorough inspection of all vehicles used by licensed e-hai...


FRSC Intensifies Crackdown on Motorcyclists Riding Without Helmets on Highways
BY Abiodun Saheed Omodara August 11, 2025 0

The Federal Road Safety Corps (FRSC) in Ondo State has emphasized its determination to apprehend any...


Over 600 Pilgrims Hospitalized in Iraq after Chlorine Leak
BY Abiodun Saheed Omodara August 10, 2025 0

More than 600 pilgrims in Iraq were temporarily hospitalized due to respiratory issues after inhalin...


Youth Flee as EFCC Conducts Dramatic Raid at Obasanjo Hotel
BY Abiodun Saheed Omodara August 11, 2025 0

Agents from the Economic and Financial Crimes Commission (EFCC) reportedly raided the Green Legacy H...


Abia Football Fest To Hunt Future Champions
BY Abiodun Saheed Omodara August 11, 2025 0

All is set for the inaugural edition of the Abia State Football Fest (ASF), a grassroots talent-hunt...


2027: Ambode Denies Move to ADC, Declares Support For Tinubu, APC
BY Abiodun Saheed Omodara August 11, 2025 0

Ahead of the 2027 general elections, the former Governor of Lagos State, Akinwunmi Ambode, on Saturd...


Tinubu Conferred Chieftaincy Title In Lagos
BY Abiodun Saheed Omodara August 11, 2025 0

Nigeria’s First Lady, Senator Oluremi Tinubu, has reiterated the Federal Government’s co...


More Articles

Load more...

Menu