The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said that petrol is going to sell at N935 per litre beginning from Monday (today). The association made the assertion based on the latest arrangement it reached with the Dangote Petroleum Refinery.
This was disclosed by the National President of IPMAN, Maigandi Garima.
He noted that the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide. This would leave the marketers incurring a cost of N36 on logistics.
He stated that “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50k.
“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday. Previously, the loading price was N970 per litre. But from Monday, petrol prices will drop to N935,” Garima stated.
IPMAN also stressed that over 30,000 of its members are set to commence petrol loading from the Dangote Petroleum Refinery and the Port Harcourt Refining Company. This is following the reduction of the ex-depot price of the product to N899 per litre.
According to sources, the pump price of petrol dropped on Sunday to between N950 and N980 per litre in a few filling stations in Lagos. Including MRS, BOVAS and NNPC mega stations. However, the cost was above N1,000 per litre in many other outlets in the State, the PUNCH reported.
But the association promised on Sunday that the price would drop further. This is even as it said the cost of petrol would reduce to N935 per litre in more filling stations by Monday (today). This is following the Dangote refinery’s new arrangement.
Similarly, retail outlet owners under the auspices of the Petroleum Products Retail Outlet Owners Association of Nigeria, PPROOAN, have begun registration with MRS filling station to lift Dangote petrol at N935 per litre.
The IPMAN National Publicity officer, Chinedu Ukadike, and the PETROAN President, Billy Gillis-Harry, disclosed these during separate exclusive interviews with The PUNCH on Sunday.
The development came after intense pricing competition in the nation’s downstream sector, which triggered a price war between NNPCL and Dangote due to a reduction in the ex-depot price to N899 per litre.
On Saturday, the NNPCL, in a surprising development, slashed petrol prices by 12 per cent. The development elicited delight among Nigerians and marketers.
This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by PPROOAN in a statement on Saturday.
Recall that before now, petrol prices had consistently increased. Thereby causing customers to worry that the price hike might be sustained during the festive season.
source: Punch
