Business
IPMAN to Reduce Fuel Prices After Dangote Refinery’s Petrol Price Drop
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.
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
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