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IPMAN and Dangote Seal Deal To Slash Petrol Prices Nationwide
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the direct sale of Dangote’s Premium Motor Spirit (PMS) to its members will lead to a significant reduction in fuel prices across the country in the near future.....KINDLY READ THE FULL STORY HERE▶
In an exclusive interview with DAILY POST on Monday, James Tor, the National Secretary of IPMAN, confirmed that the deal between IPMAN and Dangote Refinery, which began with the first petrol shipment in September 2024, would eliminate the middleman role previously held by the Nigerian National Petroleum Company Limited (NNPCL).
With the new direct supply arrangement, which sees petrol marketers shift from imported fuel to Dangote’s locally produced petrol, Tor explained that consumers would benefit from lower petrol prices and increased availability at filling stations nationwide.
“We expect the price of petrol at IPMAN stations to drop below N1,150 per litre as the agreement takes effect,” said Tor. “This will make the product more readily available and lead to lower prices at our retail outlets.”
A spokesperson for Dangote Group, Anthony Chiejina, confirmed that the refinery and IPMAN had reached an agreement for the direct sale of petrol, ending the debate over pricing and the supply chain.
The agreement follows a shift in government policy, which allowed petrol marketers to lift Dangote Petrol directly, bypassing NNPCL, after the announcement of the Naira-for-crude deal in October 2024.
The pricing details under the new agreement are expected to result in petrol prices of around N1,060 or lower per litre at retail outlets. However, this is contingent on the terms set by Dangote Refinery.
This deal comes amid a backdrop of rising petrol prices, which have seen a dramatic increase over the last two months, with prices climbing from N617 per litre in August 2024 to between N1,060 and N1,200 per litre in recent weeks. The hike in fuel costs has significantly impacted inflation, which stood at 32.7% in September 2024.
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