The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed its intentions to reduce the price of Premium Motor Spirit (Petrol) by ₦50 for every litre sold to consumers.
The IPMAN’s National President, Abubakar Maigandi, made this known during an interview with Channels Television on Tuesday, where he disclosed that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members.
The IPMAN boss further notes that the move is expected to bring down petrol prices across the country as their members selling petrol between ₦1,150 and ₦1,200 per litre will reduce the price by ₦50, depending on the location.
Maigandi added that the price reduction will provide relief for Nigerian consumers, who have faced fluctuating fuel prices.
He 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.”