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Dangote and IPMAN Deal Set to Reduce Fuel Prices

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) recently announced a breakthrough that could lead to a significant drop in fuel prices across the country.

With an agreement to purchase Premium Motor Spirit (PMS) directly from Dangote Refinery, IPMAN believes this direct sales deal will help drive down the pump price of petrol and improve supply nationwide.

IPMAN’s National Secretary, James Tor, revealed that this arrangement is expected to bypass middlemen, which previously influenced pricing, and instead allow Dangote Refinery to directly supply petrol to IPMAN’s members.

This development came shortly after IPMAN’s President, Abubakar Maigandi, confirmed that Dangote Refinery, Africa’s largest with a production capacity of 650,000 barrels per day, has formally agreed to partner with the association.

Previously, the Nigerian National Petroleum Company Limited (NNPCL) handled the distribution, but the shift towards direct sales with Dangote aims to enhance affordability and availability of petrol throughout Nigeria.

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Tor emphasized that the arrangement could reduce petrol prices at IPMAN retail stations to below N1,150 per liter, depending on the price Dangote Refinery sets.

“If the deal goes forward as planned, Nigerians will see a significant reduction in fuel costs at our stations,” Tor remarked.

He added that this agreement would not only lead to cost savings for consumers but also guarantee a steady supply, especially since IPMAN has an extensive network of filling stations nationwide.

He mentioned that IPMAN members have the potential to make Dangote’s fuel accessible across various regions, reducing reliance on imported fuel.

Anthony Chiejina, a spokesperson for Dangote Group, confirmed that the direct sale to IPMAN had been finalized, a move many have been eagerly awaiting.

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For weeks, petroleum marketers had been pursuing direct access to Dangote’s petrol supply, especially after the federal government revised its policy to allow multiple participants in the distribution of Dangote’s petrol, moving away from NNPCL’s sole rights as the off-taker.

This policy shift is part of the Naira-for-crude initiative, which aims to stabilize Nigeria’s foreign exchange by allowing oil trade directly in Naira.

Under the leadership of Finance Minister Wale Edun, the committee overseeing this plan gave the green light for marketers to lift petrol directly from Dangote Refinery on October 11, 2024.

Dangote Refinery recently priced its gasoline between N960 and N990 per liter for wholesale buyers, but imported fuel landing costs were reportedly lower in early November, around N971 per liter.

Despite these figures, petrol has been selling at around N1,060 to N1,200 per liter at filling stations, making fuel affordability a concern for many Nigerians.

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IPMAN to Reduce Fuel Prices After Dangote Refinery’s Petrol Price Drop

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.

Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”

As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.


 

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Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

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The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).

According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.

When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.


 

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GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

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Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.

In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.

The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.

While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.


 

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