BREAKING: Petrol Marketers Predict Further Major Drop In Fuel Price

Petrol Marketers have predicted a further major drop in fuel prices from today across Nigeria.

 

NewsOnline Nigeria reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will be sold at ₦935 per litre starting today, following a new pricing arrangement with the Dangote Petroleum Refinery.

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.

 

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Garima explained, “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of ₦899.50k. 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 ₦970 per litre, but from Monday, petrol prices will drop to ₦935.”

IPMAN also revealed that over 30,000 of its members are prepared to begin loading petrol from the Dangote Petroleum Refinery and the Port Harcourt Refining Company, as the ex-depot price has been reduced to ₦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 the Dangote refinery takes effect.

 

Meanwhile, members of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have started registering with MRS filling stations to lift petrol at ₦935 per litre under Dangote’s pricing scheme.

 

Chinedu Ukadike, IPMAN’s National Publicity Officer, and Billy Gillis-Harry, PETROAN’s President, confirmed these developments during interviews on Sunday, highlighting the competitive pricing adjustments between NNPCL and Dangote Refinery.

 

Over the weekend, NNPCL reduced its petrol price by 12%, a move seen as a response to Dangote Refinery’s earlier price reduction to ₦899 per litre.

This has intensified competition in the downstream sector, benefiting consumers with lower prices.

Ukadike described the price reduction as a positive outcome of a deregulated oil sector, adding that it promotes healthy competition.

“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,” he said.

He also emphasized that marketers would source products from both refineries based on proximity to retail outlets, with Dangote using MRS facilities and NNPCL utilizing other depots.

 

PETROAN President Gillis-Harry noted that members are aligning with MRS filling stations to sell at the new reduced rate, while also anticipating further price reductions.

 

He explained, “The economies of scale favour Dangote, but NNPCL is doing its best to flood the country with available products.”