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Wednesday, 13 November 2024 08:04

IPMAN Announces Possible Reduction In Petrol Prices (See Proposed Price)

IPMAN Announces Possible Reduction In Petrol Prices (See Proposed Price)

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a planned reduction of ₦50 per litre in the price of Premium Motor Spirit (Petrol) for consumers.

This development follows a new agreement between IPMAN and Dangote Refinery, as confirmed by IPMAN’s National President, Abubakar Maigandi, during an interview with Channels Television on Tuesday.

Maigandi, while speaking on Channels TV, disclosed that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members, a move expected to bring down petrol prices across the country.

Maigandi explained that with this arrangement, their members who currently sell petrol between ₦1,150 and ₦1,200 per litre will reduce the price by ₦50, depending on the location.

The price reduction is anticipated to provide relief for Nigerian consumers, who have faced fluctuating fuel prices.

He said, “Presently, we have been given two different arrangements on how to buy fuel from the refinery.

“There is the one that we can load the vessels and carry to our various depots at the rate of ₦940 per litre. Then for the depots, it is at the rate of ₦990 per litre.

“For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to ₦1,150, which is a reduction of ₦50. So that’s ₦1,150. It may even be below that.”

Recall that on Monday, IPMAN announced that Dangote Refinery agreed to sell petrol to its members directly, which brought an end to Nigerian National Petroleum Company, which is the sole buyer of Dangote Petrol.

The development comes after Dangote Refinery announced that its gasoline is sold at ₦960 and ₦990 per litre for ships and trucks.

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