The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that Nigerians can expect further reductions in the prices of petroleum products, particularly fuel, even into next year. Chinedu Ukadike, the National Public Relations Officer of IPMAN, shared this assurance during an interview with the New Telegraph.
Ukadike described the recent decrease in fuel prices as a result of competition between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC Ltd). He stated, "The price war that has led to the reduction in the prices of petroleum products, especially fuel, is a testament to the benefits of deregulation. We now have two major sources of petroleum products: Dangote and NNPC Ltd. This has created a competing environment for marketers."
He further explained that as Dangote increases production, the company will seek to establish partnerships, particularly with IPMAN and other stakeholders, to ensure the efficient distribution of its products. Ukadike referred to the deal with MRS as a significant move to ensure that petroleum products reach consumers at a reduced price, calling it a “Christmas bonanza from Dangote.” He added, "The product price will continue to decrease. There will be further price reductions as competition against a sole producer intensifies.”
Reports indicate that as of Monday, December 23, petrol was sold at N925 per litre at many NNPC Ltd outlets in Lagos, while in Abuja it was priced at N965 per litre. On November 24, 2024, Dangote lowered fuel prices from N990 per litre to N970 for marketers.
Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Industries Limited (DIL) attributed the price reduction to the company's appreciation for Nigerians and support for the government. Last Thursday, Chiejina announced another petrol price reduction to N899.50k, which he described as a "holiday bonanza." He also mentioned that the company introduced a special offer to further benefit consumers.
In addition to the holiday discount, Dangote Petroleum Refinery is allowing customers to purchase an extra litre of fuel on credit for every litre bought in cash. "To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our..."
