IPMAN announces new rate of N935/litre effective today –

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol prices will drop to N935 per liter from Monday. This development follows a new agreement with Dangote Oil Refinery, which reduced the ex-depot price of petrol to N899.50 per litre.

According to IPMAN National President, Maigandi Garima, the new pricing system will enable marketers to sell petrol at a uniform price nationwide, with a logistics cost of N36. Garima said the Dangote refinery aims to standardize fuel consumption rates across the country. Previously, the loading price was N970 per litre, but with the new deal, petrol prices are expected to drop to N935 per litre. This development is expected to benefit over 30,000 IPMAN members who will begin loading petrol from Dangote Oil Refinery and Port Harcourt Refining Company.

In Lagos, some filling stations, including MRS, BOVAS and NNPC, have already reduced pump prices to between N950 and N980 per litre. However, prices remain above N1,000 per liter at many other outlets. IPMAN assured that prices will fall further, with more filling stations selling petrol at N935 per liter by Monday.