Business
Petrol Prices Drop to N935 Per Litre as Dangote and NNPCL Compete for Market Share
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.
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.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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