The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a significant reduction in the pump price of petrol, which will now sell for N935 per litre starting Monday.
This price adjustment comes after IPMAN reached a strategic agreement with the Dangote Refinery to introduce a revised pricing model aimed at stabilizing fuel costs across the country.
In a statement issued on Sunday in Abuja, the National President of IPMAN, Alhaji Maigandi Garima, praised the Dangote Refinery for its role in making the price reduction possible.
He explained that the refinery’s decision to lower its ex-depot price to N899.50 per litre paved the way for the new pump price.
According to him, this uniform pricing system ensures that consumers nationwide will benefit equally from the cost adjustment.
Garima highlighted that the refinery's collaboration with MRS to distribute petrol at its retail outlets has already taken effect in Lagos and will be extended across the country by Monday.
He noted that this initiative, particularly during the festive period, aims to reduce transportation costs and provide financial relief to Nigerians.
The IPMAN leader also emphasized the competitive dynamics currently reshaping the downstream sector.
He recalled that during the 2023 Yuletide season, a litre of petrol sold for as high as N2,000 in parts of the northern and eastern regions due to reliance on imports.
In contrast, the highest price recorded in those areas now stands at N1,100, thanks to operational refineries and improved market efficiency.
This latest development follows a broader trend of price reductions within the sector.
The Nigeria National Petroleum Company Limited (NNPCL) recently slashed its ex-depot price from N1,020 to N899, further contributing to the lower pump prices.
Garima commended the progress made, citing the crude swap deal as a positive economic measure that has supported the local currency and ensured a steady fuel supply.
As Nigerians prepare to benefit from this price drop, the outlook for the downstream sector remains promising.
Garima expressed optimism that increased competition and ongoing reforms will lead to further price reductions, offering much-needed economic relief to citizens nationwide.
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