Nigerian petrol marketers to reduce fuel prices nationwide

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to reduce the price of Premium Motor Spirit (PMS) starting Monday, following the recent cut in the ex-depot price by Dangote Refinery.

Speaking with Nigeria News 247 on Friday, IPMAN’s National President, Abubakar Maigandi, confirmed that the association’s members will align with the Dangote Refinery’s move to lower prices.

Dangote Refinery on Thursday slashed its ex-depot petrol price from ₦840 per litre to ₦820 per litre. Reacting to this, Maigandi stated that IPMAN would hold a meeting on Monday to finalise and announce its own revised pump price for petrol.

“Whether it’s Dangote Refinery or other ex-depot petrol prices, our members will also reduce theirs. We will announce a fresh fuel price on Monday,” Maigandi told Nigeria News 247.

As of Friday, petrol prices at retail outlets in Abuja range between ₦905 and ₦945 per litre. The Nigerian National Petroleum Company Limited (NNPCL), NIPCO, AA Rano, Shema, and other major outlets dispense fuel at around ₦910 per litre, while MRS, AP Ardova, and other Dangote Refinery retail partners sell at about ₦905 per litre. Ranoil, Empire Energy, and Total Emadeb were reported to sell petrol in the Federal Capital Territory for between ₦920 and ₦945 per litre.