IPMAN Announces New Petrol Price of ₦935 Per Litre

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that petrol will now be sold at ₦935 per litre, effective today (Monday). This follows a recent agreement with the Dangote Petroleum Refinery.

According to Maigandi Garima, IPMAN’s National President, the reduction in the ex-depot price at the Dangote Refinery has enabled marketers to set a uniform petrol price of ₦935 per litre across their outlets nationwide. However, marketers will incur a logistical cost of ₦36 per litre to facilitate distribution.

He said, “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. Previously, the loading price was N970 per litre, but from Monday, petrol prices will drop to N935.”

The publicity officer of IPMAN announced that marketers are preparing to begin loading petrol at a lower cost, following the national oil company’s recent update to its pricing on the purchasing portal.

Ukadike noted that the rivalry for market share between NNPCL and Dangote is advantageous for Nigerians. Ultimately, this competition will uncover the actual costs associated with producing PMS and the logistics expenses involved.

“NNPCL has changed their price at their portal. It means that everyone who has access to that portal can be able to request and pay for products. Once you pay, you will called to the depot to pick up your products. Yes, they have changed the price on their portal.

“For us, the reduced price remains a welcome development as that is the beauty of a deregulated sector. You know, when there are multiple sources of petroleum products, there will be production and pricing competition. That interplay of pricing has come to the centre stage, and it is now to the advantage of the commuters who wish that this petroleum product will be sold at a lesser price.

“The fight to control market share between NNPCL and Dangote is healthy for Nigerians because, at the end of the day, we would know the actual cost of PMS production and the amount spent on logistics.

“It will also help marketers in our retailing capacity and pick up more volumes. The cost today is very high and the reduced price will help us pick more volumes. Commuters are no longer taking products the way they used to but with the price decrease, there will be heavy consumption.

 “We would be picking our products from both refineries but the most important thing is the nearness to retail outlets. But Dangote arrangement is via MRS, and NNPCL is helping to load from other depots,” he said.