DANGOTE FUEL PRICE CUTS SAVE NIGERIANS N125 PER LITRE — IPMAN
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By:Tajudeen Aminat
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says petrol prices at filling stations across the country have fallen by N125 per litre over the past three weeks following successive reductions in the ex-depot price of petrol by the Dangote Refinery.
Speaking in an interview with the press on Monday, IPMAN said the price cuts were driven by the refinery’s downward review of its gantry price.
The development comes after the Federal Government convened a meeting with key players in the downstream petroleum sector, including Dangote Refinery, depot owners and petroleum marketers, to discuss cost-reflective fuel pricing amid declining global crude oil prices.
At the meeting, the government urged stakeholders to ensure further reductions in petrol prices in line with prevailing market realities.
Commenting after the engagement, IPMAN President, Abubakar Maigandi, said marketers had already begun implementing the price reductions, just as depot owners and Dangote Refinery had pledged to sustain the downward trend.
According to him, the pump price of petrol has dropped from about N1,340 per litre to between N1,155 and N1,299 per litre across different filling stations nationwide.
“Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians. Presently, we have reduced it by N125 per litre nationwide,” he said.
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