Breaking: IPMAN Unveils Game-Changing Reason Behind Petrol Price Cut

Breaking: IPMAN Unveils Game-Changing Reason Behind Petrol Price Cut

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that the recent drop in petrol prices is a direct result of fierce competition between two of Nigeria’s top refineries: Dangote Refinery and the Nigerian…Breaking: IPMAN Unveils Game-Changing Reason Behind Petrol Price Cut

National Petroleum Corporation (NNPC) Limited.

In response to lower ex-depot prices from the Dangote and Port Harcourt refineries, major retail outlets have significantly reduced their petrol prices. For example, NNPC Retail has slashed its pump price from ₦1,030 to ₦965 per litre, while other outlets, such as AA Rano and AYM Sharfa, reduced theirs from ₦1,070 to ₦1,020 per litre. However, some retailers like Conoil have yet to follow suit, continuing to sell petrol at ₦1,090 per litre.

Chief Chinedu Ukadike, IPMAN’s Public Relations Officer, explained that the increased competition between the refineries has not only improved product availability but has also led to a “price war” among industry giants like NNPC and Dangote. This has, in turn, benefitted both independent marketers and consumers alike.

He also highlighted that the introduction of new refineries, such as the Warri and Kaduna plants set to come online next year, will further fuel this competitive edge, leading to even more favorable conditions for the market.

Ukadike further added that the reduction in fuel prices has significantly boosted sales for independent marketers. In the past, when prices were around ₦1,300 per litre, many marketers struggled with daily sales, often selling less than 5,000 litres. But now, with prices dropping, marketers are seeing a noticeable uptick in sales and have easier access to products directly from both refineries.

The expected influx of petrol from the Port Harcourt and Dangote refineries, capable of processing a combined 620,000 barrels per day, will also play a key role in stabilizing the Nigerian fuel market and positively impacting the country’s foreign exchange rate in 2025.

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