- Petrol marketers have attributed Dangote’s refinery petrol price cut to the gains of deregulation of the downstream sector
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reduced the prices of premium motor spirit, better known as petrol.
The new price regime will take effect from today, Tuesday, IPMAN national president, Abubakar Maigandi, disclosed this to newsmen on Monday.
Maigandi said the price cut is in response to the Dangote Refinery’s ex-depot price reduction to N820 per litre from N840.
He the decision to bring down the petrol price comes after a meeting held by members of IPMAN in Abuja on Monday.
Maigandi stated that most of its members have agreed to review their retail price of petrol downward from Tuesday.
Specifically, Maigandi said IPMAN members in Abuja will, from Tuesday, dispense petrol between N900 and N920 per litre, down from N905 and N945.
“We met on Tuesday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja, north central.
“Similarly, our members in some other parts of the country will be selling below around N860 and N890 per litre.
“Nigerians are happy because there has been a reduction in the price of fuel in the past weeks,” he told DAILY POST on Monday.
IPMAN had earlier hinted at a fuel price reduction last week. Recall that Dangote Refinery had announced a reduction in the price of petrol twice in July already.
Less than a week ago, the 650,000-barrel-per-day announced a reduction in its fuel ex-depot pump price to N820 from N840 per litre.
Petrol marketers have attributed Dangote’s refinery petrol price cut to the gains of deregulation of the downstream sector.
The incessant reduction is not unconnected with falling global crude oil prices, which stood at $69.10 and $66.98 per barrel for Brent and West Texas Intermediate crude futures as of the time of filing the report on Monday, from above $70