Motorists May Smile Again as Marketers Reveal Fresh Fuel Price Development

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that petrol prices at filling stations across the country have dropped by as much as N125 per litre over the past three weeks following successive gantry price reductions by the Dangote Refinery.

The association made this known during an interview with ZINGTIE on Monday.

The development comes shortly after the Federal Government convened a meeting with key players in the downstream petroleum sector, including representatives of the Dangote Refinery, depot operators, and fuel marketers, to discuss the implementation of cost-reflective pricing amid declining global crude oil prices.

At the meeting, the government reiterated its call for additional reductions in the pump price of petrol while emphasizing the need for pricing that reflects prevailing market realities.

Speaking after the engagement, IPMAN President Abubakar Maigandi said marketers, alongside depot owners and the Dangote Refinery, have consistently adjusted fuel prices downward over the past three weeks.

According to him, petrol currently sells at filling stations for between N1,155 and N1,299 per litre, compared to the previous average price of about N1,340 per litre.

“Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians

“Presently, we have reduced it by N125 per litre nationwide,” he told ZINGTIE.

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