The Independent Petroleum Marketers Association of Nigeria (IPMAN), Sunday said the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement.
IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
IPMAN national president, Alhaji Maigandi Garima, who made this known in an interview in Abuja, lauded the Dangote Refinery for the development.
Dangote refinery recently announced a significant reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.
In the bid to ensure that the price reduction gets to the end consumers, it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.
The price reduction which is designed by Dangote Refinery to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be offered nationwide from Monday.
“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 Monday.
“We have been loading from the Dangote Refinery and the refinery is saving us in this festive period,’’ he said.
The IPMAN president said previously it was loading at N970 per litre at Dangote refinery, but based on the arrangement and promise from Dangote, by Monday fuel price will drop to N935.
NAN
