The Independent Petroleum Marketers Association of Nigeria (IPMAN) has unveiled plans for a ₦50 reduction in the cost of Premium Motor Spirit (PMS) per litre.
This follows a new pricing structure agreed upon with Dangote Refinery.
IPMAN’s National President, Abubakar Maigandi, revealed this during an interview with Channels Television on Tuesday.
Under the arrangement, IPMAN members can purchase petrol at ₦940 per litre for depot loading and ₦990 per litre for truck deliveries.
The reduced rates are expected to lower pump prices nationwide, offering relief to consumers currently paying between ₦1,150 and ₦1,200 per litre, depending on the region.
This agreement ends the monopoly previously held by the Nigerian National Petroleum Company (NNPC) as the sole distributor of Dangote Refinery’s petrol.
Magadi 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.”
With the new supply chain in place, fuel prices are anticipated to stabilize, easing the financial burden on Nigerians.
