IPMAN Issues Strong Warning After Dangote Reduced Petrol Price Drastically; SEE Who IPMAN Is Warning
Dangote Petroleum Refinery and Petrochemicals has, once again, reduced the ex- depot price of Premium Motor Spirit (PMS), commonly known as petrol, marking its second price slash this month.
The latest price adjustment lowers the ex- depot price by ₦65, bringing it down from ₦890 to ₦825 per litre at the gantry. This follows an earlier ₦60 reduction on 1 February. With this new cut, the ex- depot price has dropped from ₦950 per litre in January to ₦825, reflecting a total reduction of ₦125 within 26 days.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the price adjustment, describing it as a positive move for consumers and a victory for deregulation. However, the association also expressed concerns about the financial strain this may place on marketers who had purchased fuel at higher prices before the adjustment.
According to a statement from Dangote Refinery, this latest price cut is expected to ensure that petrol is sold at retail stations for between ₦860 and ₦865 per litre in Lagos. The new pricing structure takes effect immediately.
The statement explained that the price adjustment aims to provide financial relief to Nigerians, particularly during the Ramadan period. It also aligns with President Bola Tinubu’ s economic recovery strategy, which seeks to ease financial burdens on citizens.
The statement read: ” This strategic price adjustment is designed to provide essential relief to Nigerians in celebration of Ramadan, while also supporting President Bola Tinubu’ s economic recovery policy by alleviating the financial burden on Nigerians. ”
The Guardian reported that the refinery currently holds 500 million litres of petrol in stock, ensuring a steady supply of the product.
Speaking during a recent visit by a delegation from Zambia, Edwin Devakumar, Vice President of Dangote Industries Limited, reaffirmed the company’ s commitment to processing a variety of crude oils from Africa and the Middle East. This move, he said, is intended to create flexibility in operations and maintain supply efficiency.
Dangote further reassured Nigerians that its high- quality petroleum products will continue to be available nationwide at competitive prices. It also highlighted its partnership with key industry players– MRS Holdings, AP (Ardova Petroleum), and Heyden– to ensure affordable petrol distribution across the country.
Pump Prices Across Nigeria
The statement detailed the expected retail prices of Dangote petrol across different regions and stations:
MRS Stations:
Lagos– ₦860 per litre
South- West– ₦870 per litre
North– ₦880 per litre
South- South/South- East– ₦890 per litre
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AP (Ardova Petroleum) & Heyden Stations:
Lagos– ₦865 per litre
South- West– ₦875 per litre
North– ₦885 per litre
South- South/South- East– ₦895 per litre
Dangote Refinery has assured the public of a steady supply of petroleum products. It emphasised that its refinery has sufficient reserves to meet domestic demand and maintain surplus production for export, thereby strengthening Nigeria’ s foreign exchange earnings.
