Petrol To Sell At ₦935 From Monday

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will be sold at ₦935 per litre across the country starting Monday, December 23. The announcement was made by the IPMAN National President, Alhaji Maigandi Garima, during a press interaction on Sunday.

Garima confirmed that fuel stations nationwide would adopt the new pricing structure following a recent price reduction by Dangote Petroleum Refinery. This move comes as part of efforts to ease the financial burden on Nigerians during the holiday season.

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EKO HOT BLOG reports that Dangote Petroleum Refinery had previously announced a reduction in the price of its Premium Motor Spirit (PMS) to ₦899.50 per litre. The announcement was made in a statement by the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, on Thursday.

In light of the new pricing scheme, Garima explained that from Monday, Nigerians would pay ₦935 per litre of petrol at fuel stations. He added that the fixed ex-depot price of ₦899.50 per litre, set by Dangote Refinery, would be adopted by marketers across the country.

“The Dangote refinery has introduced a new arrangement for loading and pricing, where marketers will pay a fixed ex-depot price of ₦899.50,” Garima said. “This new arrangement will ensure that fuel prices across the country remain consistent. We expect this to take effect from Monday.”

Garima further noted that the Dangote refinery’s contributions were crucial in easing fuel distribution during the festive period. He expressed optimism that prices would continue to fall as competition increases in the downstream sector due to the deregulation of the oil industry.

“We believe that with more private sector participation in the refinery business, prices will continue to reduce. Soon, as refineries like Warri and Kaduna come back online, fuel prices will drop even further, which will benefit the economy,” Garima added.

Petrol ₦935 IPMAN

The IPMAN President also praised the Naira crude swap deal, calling it a positive development that contributes to the reduction in fuel prices, benefiting both the economy and consumers.