The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed plans to cut petrol prices by N50 per litre for fuel purchased directly from the Dangote Refinery.
In an interview with Channels Television on Tuesday, IPMAN’s National President, Abubakar Maigandi, announced that Dangote Refinery had agreed to supply petrol to IPMAN members at N940 per litre for depots and N990 per litre for trucks.
According to Maigandi, this new arrangement means IPMAN members who currently sell petrol between N1,150 and N1,200 per litre will adjust their prices down by N50, depending on the location.
“Presently, we have been given two different arrangements on how to buy fuel from the refinery,” he explained. “There’s one where we can load the vessels and carry them to our various depots at the rate of N940 per litre. Then, for the depots, it is at the rate of N990 per litre.”
Maigandi added that, in Maiduguri, “the current price is N1,200 per litre. With these changes, it may likely reduce to N1,150, which is a reduction of N50. So that’s N1,150; it may even be below that.”
This update follows IPMAN’s announcement on Monday that Dangote Refinery would sell petrol directly to its members, thus removing the Nigerian National Petroleum Company Limited (NNPCL) as the exclusive buyer of Dangote’s petrol.
Currently, Nigerians pay between N1,060 and N1,200 per litre at NNPCL retail outlets and other filling stations.