Business
Dangote Refinery’s New Deal with IPMAN to Lower Petrol Price by N50 per Litre
The Independent Petroleum Marketers Association of Nigeria (IPMAN) recently revealed that Premium Motor Spirit (petrol) will become more affordable for Nigerians, with a planned price reduction of N50 per liter.
This announcement came from IPMAN’s National President, Abubakar Maigandi, during a Tuesday interview with Channels Television.
Maigandi disclosed that the price cut follows a recent agreement between IPMAN and Dangote Refinery, which will now directly supply petrol to IPMAN members at a lower rate.
Under the new agreement, Dangote Refinery will sell petrol to IPMAN members at N940 per liter for depot purchases and N990 per liter for trucks.
With these adjusted rates, independent marketers who have been selling petrol for as high as N1,200 per liter in locations like Maiduguri will now be able to drop their prices to around N1,150 or potentially even lower.
Maigandi mentioned that the adjustment depends on location, as transport and logistics costs can vary, but he expects to see the benefits reach customers soon.
Maigandi also shared some insight into the new purchasing arrangements.
IPMAN members have two main options: they can either transport fuel directly from the Dangote Refinery to their depots or purchase it directly for trucks.
These measures are expected to streamline the distribution process, reducing dependence on the Nigerian National Petroleum Company Limited (NNPCL) as the primary distributor of Dangote’s petrol.
Currently, Nigerians are paying between N1,060 and N1,200 per liter at NNPCL outlets and other stations, so the new pricing arrangement with IPMAN is a welcome move for the average consumer facing high fuel costs.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
“You Have to Vote Right” — Timaya Speaks on Nigeria’s Political Future
Rema Names His Favourite Streamers for Entertainment, Fans React
Young Jonn Revisits Old Post After Blaqbonez Offers to Collab With Him
-
Entertainment19 hours ago10 Leonardo DiCaprio Movies That Made Him a Hollywood Star
-
Entertainment19 hours agoRema Names His Favourite Streamers for Entertainment, Fans React
-
Sport19 hours ago“I Am Really Disappointed” — Mikel Arteta Reacts to Brighton Defeat
-
Entertainment19 hours agoFrom “Caro” to “Sempe”: 10 L.A.X Songs to Add to Your Playlist This Weekend
-
Entertainment19 hours agoYoung Jonn Revisits Old Post After Blaqbonez Offers to Collab With Him
-
Entertainment19 hours ago“You Have to Vote Right” — Timaya Speaks on Nigeria’s Political Future