The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that its members will reduce petrol prices by N50 per litre when purchasing directly from Dangote Refinery.

IPMAN’s National President, Abubakar Maigandi, shared this news in an interview with Channels Television on Tuesday.

He explained that Dangote Refinery had agreed to supply petrol to IPMAN members at a rate of N940 per litre for depots and N990 per litre for trucks.

With this arrangement, Maigandi said, IPMAN members who currently sell petrol between N1,150 and N1,200 per litre would adjust their prices down by N50, depending on location.

“Presently, we have been given two different arrangements on how to buy fuel from the refinery,” he noted. “There’s one where we can load the vessels and carry them to our various depots at the rate of N940 per litre. Then, for the depots, it is at the rate of N990 per litre.”

In Maiduguri, for instance, Maigandi mentioned that “the current price is N1,200 per litre. With these changes, it may likely reduce to N1,150, which is a reduction of N50. So that’s N1,150; it may even be below that.”

This new arrangement follows Monday’s announcement from IPMAN that Dangote Refinery agreed to sell petrol directly to its members, ending the Nigerian National Petroleum Company Limited’s (NNPCL) role as the exclusive buyer of Dangote’s petrol.

Meanwhile, Nigerians currently pay between N1,060 and N1,200 per litre at NNPCL retail outlets and other filling stations. (Nigerian Tribune)