The Independent Petroleum Marketers Association of Nigeria (IPMAN) has made an important announcement regarding the reduction in petrol prices.

Starting today, Monday, the price of petrol will be adjusted to N935 per litre.

This change follows a new agreement between IPMAN and the Dangote Petroleum Refinery.

According to Maigandi Garima, the National President of IPMAN, the decision comes as part of a broader effort to standardize petrol prices nationwide.

The decrease in the ex-depot price at the Dangote refinery and the framework being put in place will enable marketers across Nigeria to sell petrol at this new price.

However, they will still be facing a logistical cost of N36.

Garima further explained that Dangote Refinery has introduced a new pricing and loading arrangement.

Under this new system, marketers will now pay a fixed ex-depot price of N899.50 per litre.

This is a significant shift, as the loading price had previously been pegged at N970 per litre.

With this new structure, petrol prices are set to decrease, offering consumers relief in an otherwise volatile market.

He added that Dangote Refinery is implementing a program designed to ensure consistent fuel consumption rates across the country.

“We expect the new arrangement to start today, and it will bring benefits to consumers and marketers alike,” he said.

In addition to this, IPMAN’s publicity officer, Ukadike, emphasized the role of competition between key players in the petroleum sector, particularly between the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote Refinery.

He explained that this rivalry is not only beneficial but necessary for the Nigerian economy.

The competition has the potential to reveal the true costs associated with producing petrol, as well as the logistical expenses involved in distribution.

“NNPCL has updated its pricing on the portal, which means anyone with access can now pay and be directed to the depot to pick up the products,” he said.

Deregulation allows for multiple sources of petroleum products to compete, driving down prices and offering better value for consumers.

This pricing competition, he noted, benefits Nigerian commuters who will now be able to purchase petrol at a more affordable rate.

He also spoke about the increased consumption that is expected as a result of the price drop.

“With the price decrease, we expect greater demand.

People are no longer buying petrol the way they used to, but with these lower prices, consumption will increase significantly,” Ukadike explained.

Marketers are now preparing to load petrol from both Dangote and NNPCL depots, with a focus on logistics to ensure timely delivery to retail outlets.

Ukadike mentioned that while Dangote’s distribution arrangement is handled through MRS, NNPCL supports loading from other depots, creating a more efficient distribution network.

“Ultimately, the goal is to make sure the petrol is delivered as quickly and efficiently as possible to the retailers,” he said.

Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.

The company, which is one of Nigeria’s leading oil producers, announced in a statement shared by its spokesperson, Anthony Chiejina, on its official X account on Thursday.

Effective immediately, Dangote Refinery has lowered the ex-depot price of petrol to N899.50 per litre, down from the previous rate of N970.

In his statement, Chiejina mentioned the company’s commitment to helping alleviate the financial burden on consumers during the holidays.

“We have now announced a new price of N899.50 per litre.

This reduction is designed to ease transport costs during the festive period,” he said.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.

From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.”

In addition to the price reduction, Dangote Refinery has introduced a new incentive to make fuel more accessible for consumers.

Chiejina explained that for every litre of petrol purchased on a cash basis, buyers will have the opportunity to acquire an additional litre on credit.

This offer is backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank, providing customers with more flexible payment options.

Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.

The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.