The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that its members will start implementing the latest fuel price reduction from Tuesday, following a decrease in the gantry price by Dangote Refinery. According to IPMAN spokesperson, Chinedu Ukadike, Nigerians can expect to feel the impact of the fuel price cut in the coming days.
Dangote Refinery recently reduced its gantry price by N129, from N828 to N699 per liter. Aliko Dangote, the refinery’s owner, stated that with this reduction, Nigerians should be paying around N740 per liter for petrol. Ukadike echoed this sentiment, saying that the effects of the price reduction will become apparent from Tuesday and next week.
The move comes amid a renewed feud between Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) CEO, Farouk Ahmed. Ukadike emphasized the need for collaboration between the two parties to ensure a steady supply of petroleum products and enable Nigerians to benefit from the reduced price.
A market survey conducted on Monday showed that some filling stations in Abuja have already adjusted their prices. Bovas filling station in Wuse Zone 6 reduced its retail fuel price to N865 per liter, down from N910 earlier in the day. Other stations, including Empire Energy and Ranoil, have also lowered their prices to N912 and N910 per liter, respectively.
As of Monday night, Nigerian National Petroleum Company Limited (NIPCO) and AA Rano filling stations in Abuja were selling petrol at N915, N905, and N910 per liter, respectively. The MRS retail price remained unchanged at N910 per liter, but is expected to decrease from Tuesday.
The implementation of the fuel price reduction is a welcome development for Nigerians, who have been grappling with high fuel costs. As the country’s petroleum marketers begin to adjust their prices, consumers can expect some relief in the coming days. The reduction in fuel prices is also expected to have a positive impact on the overall economy, as it will help to reduce transportation costs and increase demand for goods and services.
