IPMAN Announces ₦935 Petrol Price Starts Today

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a reduction in the price of petrol to ₦935 per litre across the country. This move follows a new pricing framework established in collaboration with Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPCL).

IPMAN President Maigandi Garima explained that the price reduction was made possible by a significant cut in the ex-depot price, now set at ₦899.50 per litre. This adjustment, Garima noted, would allow marketers to stabilise pump prices, providing much-needed relief to consumers, especially during the festive period.

“With this arrangement, petrol prices are set to drop across our members’ outlets nationwide. It’s a much-needed relief for consumers, especially during the festive period,” Garima said.

The price cut follows the commencement of petrol loading from Dangote Refinery and other depots under the revised pricing mechanism. Garima emphasized that the initiative by Dangote Refinery ensures pricing uniformity while addressing logistics costs, benefiting both consumers and marketers.
Chinedu Ukadike, IPMAN’s Publicity Officer, noted the positive impact of the competition between NNPCL and Dangote Refinery.

“The competition between NNPCL and Dangote Refinery has created an opportunity for Nigerians to pay less for petrol. This is what deregulation is about giving consumers better options and ensuring fair pricing,” Ukadike said.

The price reduction is part of a larger strategy by Dangote Refinery and NNPCL to capture a larger market share. On Saturday, NNPCL slashed its petrol price by 12%, following Dangote Refinery’s decision to set its ex-depot price at ₦899.50 per litre. The competition between the two key players, according to Ukadike, is helping to drive down costs and ensure a steady supply of petrol.

“The healthy competition between these key players is driving down costs and ensuring steady supply. As marketers, we will leverage both sources to meet consumer demand,” Ukadike added.

Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), also praised the development, calling it a “game-changer” for the downstream sector.

Meanwhile, the Dangote Refinery, which is currently operating at 85% capacity, assured Nigerians of a consistent supply of petrol, with plans to begin delivering European-standard products by January 2025.

IPMAN has also assured the public that its members’ stations will remain open throughout the festive season, ensuring smooth distribution and preventing artificial scarcity. The association expressed confidence that the revised pricing framework will help stabilize petrol prices across the nation.