The Independent Petroleum Marketers Association of Nigeria, IPMAN, has made an announcement that by Monday, December 23, the pump price of petrol will reduce to N935 per litre.
The development, according to
IPMAN, follows the marketers’ new deal with Dangote Refinery.
IPMAN National President,
Alhaji Maigandi Garima, who made this known on Sunday in Abuja, commended the
Dangote refinery for the development
According to him, 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.
Recall that Dangote Refinery
recently announced a 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 a bid to ensure that the
price reduction gets to the consumers, Dangote Refinery signed a partnership
with MRS to sell petrol from its retail outlets nationwide at N935.
The price reduction which is
designed to alleviate transport cost during the festive period and beyond, has
already commenced in Lagos, and will be applicable nationwide from Monday.
“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 leader said.
Garima said the competition
being witnessed in the downstream sector at the moment would see the price of
fuel dropping continuously.
He recalled that during the
2023 Yuletide, a litre of fuel was sold at N2000 in the northern and eastern
parts of the country because fuel was being imported at that period.
He noted that the highest price
fuel is being sold in the areas currently is N1,100, because refineries are
working in the country.
He equally commended the Naira
for the crude swap deal, adding that it is good for the growth of the economy.
The NNPCL had also slashed fuel
ex-depot price from N1,020 to N899.
The fuel price reduction
reflects response to deregulation and increased industry competition.
Post a Comment