The price of gasoline will drop to N935 per liter by Monday, according to the Independent Petroleum Marketers Association of Nigeria (IPMAN), as a result of a new agreement made by Dangote Refinery.

According to Newsworld, Dangote Refinery recently cut the price of its fuel by 7.27%, bringing it down from N970 per liter to N899.50k per liter for oil merchants.

IPMAN’s National President, Alhaji Maigandi Garima, revealed the development in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday. He called the project a timely intervention and praised Dangote Refinery for it.
“Dangote refinery has introduced another new loading and pricing structure where marketers would pay a set ex-depot price of N899.50,” he stated.

“The refinery has a procedure in place to ensure that fuel usage is consistent throughout the nation. We anticipate that the new agreement will go into effect on Monday.The Dangote refinery has been our source of loading, and it is helping us out during this joyous time.
In comparison to the former ex-depot pricing of N970 per litre at Dangote Refinery, he continued, the new arrangement represents a significant cut.

Fuel prices have been steadily declining as a result of strong competition created by the downstream sector’s liberalization, according to Garima.

For this reason, we have been pleading with the government to permit the private sector to engage in the refinery industry.

“There will be significant price reductions in the downstream sector throughout the nation very soon, since new refineries are being built,” he continued.

Thinking back to the 2023 Yuletide season, Garima recalled that because of the Northern and Eastern regions’ need on imported fuel, petrol was sold for N2,000 per liter in some areas.

He pointed out that because of the country’s operational refineries, pricing in such places are currently limited to N1,100 per litre.