Fuel Price Reduction: IPMAN members cut prices for second time this week – Reports

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Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have reduced their premium motor spirit prices for the second time this week, following a price drop by Dangote Refinery. The National President of IPMAN, Abubakar Maigandi, confirmed that its members have dropped the fuel price to between N860 and N870 per litre in Lagos State, while in Abuja, it stands between N895 and N900 per litre.

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Maigandi attributed the price reduction to Dangote Refinery’s N30 ex-depot fuel price drop, saying, “It’s due to Dangote Refinery’s price drop to N820 from N850 per litre. Our members will have effected another reduction after an earlier adjustment.” He added, “In Lagos, our members sell at N860 to N870, while in Abuja, it is between N895 and N900 per litre. Those filling stations yet to drop the price are still selling old stock

This development comes after some major filling stations, including MRS, Empire, and Ranoil, reduced their fuel prices earlier in the week. As of Friday, Empire, Ranoil, Mobil, AA Rano, and others have further reduced their petrol prices to between N890 and N920 per litre.

The Nigerian National Petroleum Company Limited also dropped its retail price to N865 and N890 per litre in Lagos and Abuja, respectively, on Thursday. The price reductions are expected to bring relief to motorists and other fuel consumers.

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