Utweets
WHAT YOU NEED TO KNOW: WHY YOU MUST NOT FAIL TO HAVE $EX BY 12PM. THE BENEFIT WILL SHOCK YOU| NO 5 IS VERY COMPULSORY.The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a significant reduction in petrol prices, with a new selling price of ₦935 per litre starting today. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
This follows a revised pricing arrangement with the Dangote Petroleum Refinery.
Maigandi Garima, the National President of IPMAN, explained that the new pricing system stems from a decrease in the ex-depot price at Dangote Refinery, along with the introduction of a uniform pricing structure that will apply nationwide. According to Garima, marketers will now pay a fixed ex-depot price of ₦899.50 per litre. This new pricing mechanism is designed to ensure that petrol prices remain consistent across the country. The ₦935 per litre price includes an additional ₦36 to cover logistics costs.
Garima further elaborated that Dangote Refinery’s new loading and pricing arrangement replaces the previous ex-depot price of ₦970 per litre, marking a significant drop in petrol prices. The changes are expected to take effect immediately, with over 30,000 IPMAN members preparing to source petrol from both the Dangote Petroleum Refinery and the Port Harcourt Refining Company, which now offer a reduced ex-depot price of ₦899 per litre.
Meanwhile, petrol prices at filling stations in Lagos have varied, with some, such as MRS, BOVAS, and NNPC, selling petrol for between ₦950 and ₦980 per litre, while others continue to charge prices above ₦1,000 per litre. However, IPMAN assured Nigerians that the implementation of the new pricing scheme will result in further reductions in pump prices in the near future.WHAT YOU NEED TO KNOW: WHY YOU MUST NOT FAIL TO HAVE $EX BY 12PM. THE BENEFIT WILL SHOCK YOU| NO 5 IS VERY COMPULSORY.
In addition to IPMAN’s announcement, members of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) have begun registering with MRS filling stations to purchase petrol at the newly reduced rate of ₦935 per litre under the Dangote pricing plan. Chinedu Ukadike, IPMAN’s National Publicity Officer, and Billy Gillis-Harry, the President of PETROAN, confirmed that these developments signal a positive shift in the petroleum sector, with more competitive pricing expected.
The recent changes come on the heels of a 12% price reduction by the Nigerian National Petroleum Corporation Limited (NNPCL), which is seen as a response to Dangote Refinery’s price adjustment to ₦899 per litre. This move has further intensified competition in the downstream sector, providing consumers with lower prices at the pump.
Ukadike noted that the price reduction is a beneficial outcome of Nigeria’s deregulated oil sector, which fosters healthy competition among various players in the market. He highlighted that marketers will source petrol from both Dangote and NNPCL depots, depending on their proximity to retail outlets, with Dangote using MRS facilities and NNPCL relying on other depots.
PETROAN’s Gillis-Harry emphasized that the economies of scale favor Dangote, but NNPCL is also striving to ensure that petrol is widely available throughout the country. WHAT YOU NEED TO KNOW: WHY YOU MUST NOT FAIL TO HAVE $EX BY 12PM. THE BENEFIT WILL SHOCK YOU| NO 5 IS VERY COMPULSORY.
Both associations expressed optimism about continued price reductions as competition increases and more refineries enter the market...Tap To Read The Full Story Here.
