IPMAN Announces Reduction in Petrol Prices for Consumers.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has recently announced a significant reduction of ₦50 per litre in the price of Premium Motor Spirit (Petrol) for consumers. This decision follows a new agreement established between IPMAN and Dangote Refinery, as confirmed by IPMAN’s National President, Abubakar Maigandi, during an interview on Tuesday.

Maigandi elaborated on the new pricing structure, stating that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members. This strategic move is expected to facilitate a decrease in petrol prices nationwide, providing much-needed relief to consumers who have been grappling with fluctuating fuel costs.

Currently, petrol prices among IPMAN members range from ₦1,150 to ₦1,200 per litre. With the newly negotiated prices, Maigandi indicated that members would reduce their selling price by ₦50, depending on their location. For example, in Maiduguri, where the price is currently ₦1,200 per litre, the anticipated reduction could bring the price down to ₦1,150 or potentially lower.

This development marks a significant shift in the Nigerian fuel market, as IPMAN has secured the ability to purchase petrol directly from Dangote Refinery, effectively ending the Nigerian National Petroleum Company’s monopoly as the sole buyer of Dangote petrol. The new pricing arrangement is expected to enhance competition and stabilize fuel prices across the country.

As Nigeria continues to navigate the complexities of its fuel market, this reduction in petrol prices is a welcome development for consumers and a step towards more equitable access to essential resources.