Leadnaija
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a reduction in the price of petrol to N935 per litre, effective Monday, December 23, 2024.
According to Daily Post, this price change follows a new agreement between IPMAN and the Dangote Refinery, which has lowered its ex-depot price of fuel...N..>>Don’t Miss Out! CLICK HERE TO KEEP READING> >>>
IPMAN National President, Alhaji Maigandi Garima, praised Dangote Refinery for its efforts, which include a 7.27% reduction in its fuel price, bringing the cost down from N970 to N899.50 per litre at its loading gantry.
The collaboration aims to provide uniform pricing across the country, ensuring that fuel is sold at N935 per litre at retail outlets nationwide.
The new price is designed to help reduce transport costs during the festive period and beyond. The price cut is already in effect in Lagos and will extend nationwide starting Monday.
Garima highlighted the competition in the downstream sector, which he believes will continue to drive fuel prices down.
He compared the current situation with the previous year when fuel was sold for as much as N2000 per litre in parts of northern and eastern Nigeria due to importation costs.
Today, the highest price is N1,100, as local refineries, including Dangote’s, are now operational.
The recent reductions in fuel prices reflect Nigeria’s ongoing deregulation efforts and growing competition in the industry..N..>>Don’t Miss Out! CLICK HERE TO KEEP READING> >>>
