The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol will retail at N935 per litre starting today, citing a new pricing arrangement by Dangote Refinery.

The association’s National President, Alhaji Garima, disclosed this during a briefing with the News Agency of Nigeria (NAN) in Abuja, highlighting the reduction in the refinery’s ex-depot price from N970 per litre to N899.50 per litre, representing a 7.27% decrease.

This adjustment, coupled with uniform distribution arrangements and extended credit terms for marketers, will enable the reduced pump price to be implemented nationwide.

Alhaji Garima commended Dangote Refinery for its commitment to alleviating the burden of high fuel prices on Nigerians, saying:

“This is a commendable step toward stabilizing the fuel market and addressing concerns around accessibility and affordability.”

The price drop comes as a relief to many Nigerians, who have been grappling with the rising cost of living.

In recent months, fuel prices have been a contentious issue, with concerns about affordability and the impact on transportation and other sectors. The latest development from Dangote Refinery is expected to ease some of these pressures.

Source: NAN