The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a planned reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, by N50 per litre. The price cut comes as IPMAN begins sourcing directly from the Dangote Refinery, a move expected to bring relief to Nigerian consumers.
Speaking in an interview with Channels Television on Tuesday, the National President of IPMAN, Abubakar Maigandi, confirmed the price slash, citing new agreements with the Dangote Refinery that allow IPMAN members to purchase fuel at lower rates.
“Presently, we have been given two different arrangements on how to buy fuel from the refinery,” Maigandi said. “There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.”
According to Maigandi, IPMAN members, who currently sell petrol at prices ranging from N1,150 to N1,200 per litre, are set to implement a N50 reduction based on the new cost structure. The impact will vary by location, but some areas, like Maiduguri, could see petrol prices drop from N1,200 to around N1,150 per litre. “It may even be below that,” he added.
This development follows Monday’s announcement that Dangote Refinery will sell petrol directly to IPMAN, ending the Nigerian National Petroleum Company Limited’s (NNPCL) exclusive access to Dangote’s supplies.
The Dangote Refinery’s pricing—N940 per litre for vessels and N990 per litre for trucks—presents a cost-effective alternative for marketers who have long relied on NNPCL, where prices currently hover between N1,060 and N1,200 per litre at retail outlets.
Industry experts suggest that this shift could introduce a new level of competition in the downstream sector, potentially leading to further price adjustments. For now, Nigerian consumers are set to benefit from the anticipated price reduction as the new supply arrangements take effect.
