By Gabriella Ogbu
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has announced that petrol will sell at N935 per litre nationwide starting Monday, December 23, 2024.
The new price follows a reduction in the ex-depot price at Dangote Refinery to N899.50 per litre, with an additional N36 per litre for logistics.
IPMAN’s National President, Maigandi Garima, confirmed that this pricing structure will standardize fuel costs across the country.
He revealed that over 30,000 marketers are prepared to load petrol from Dangote Refinery and the Port Harcourt Refining Company in response to the price adjustment.
This move comes after petrol prices in Lagos stations ranged from N950 to over N1,000 per litre, with full compliance expected nationwide by Monday.
The price reduction results from intense competition between Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL), both of which have recently slashed prices to attract buyers.
Chinedu Ukadike, IPMAN’s National Publicity Officer, noted that this rivalry benefits consumers by lowering costs and ensuring greater transparency in pricing.
Retail outlet owners under PETROAN have also begun aligning with the new pricing regime, ensuring a smooth transition in the sector.
IPMAN and PETROAN hinted that further price reductions are likely as competition deepens in the deregulated market, with consumers expected to benefit from ongoing adjustments.
PETROAN President Billy Gillis-Harry explained that the evolving pricing reflects production and logistics costs, fostering long-term market stability.
Meanwhile, Dangote Refinery is operating at 85 percent capacity, processing 550,000 barrels per day, and plans to achieve full capacity of 650,000 barrels once crude supply stabilizes.
The refinery is expected to deliver European-standard fuel by January 2025, improving supply and stabilizing prices in the Nigerian petroleum sector.
Marketers have assured Nigerians that petrol will remain available throughout the festive season, avoiding artificial scarcity.