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| Fuel price Crash to 840 |
Table of Contents
- - Overview of Dangote Refinery’s latest price adjustment
- - Potential impact on fuel prices in Nigeria
- - Reduction from ₦880 to ₦840 per litre
- - Agreement with Independent Petroleum Marketers Association of Nigeria (IPMAN)
- - Emergency meeting outcome
- - Variations in pump prices based on location
- - Stations maintaining old prices (₦945 per litre)
- - Delays in implementing new price templates
- - Potential nationwide price adjustments
- - Factors influencing final retail prices
- - Summary of key developments
- - What consumers should expect in the coming days
INTRODUCTION
Nigerian motorists may soon experience relief at the pumps as the Dangote Refinery reduces its ex-depot petrol price from ₦880 to ₦840 per litre. This development follows a recent drop in global crude oil prices and signals potential reductions in retail fuel costs nationwide.
In an exclusive interview with DAILY POST, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that marketers are finalizing a new pricing template, which could take effect as early as Wednesday.
Dangote Refinery’s New Ex-Depot Price
The Dangote Refinery, Africa’s largest oil refinery, has adjusted its Premium Motor Spirit (PMS) ex-depot price to ₦840 per litre, down from ₦880. This reduction comes as a response to declining crude oil prices and aims to ease the financial burden on both marketers and consumers. IPMAN has reportedly agreed to purchase petrol at ₦842 per litre, a slight markup from Dangote’s ex-depot rate. However, the final retail price will vary depending on transportation costs and regional market conditions.
The Dangote Refinery, Africa’s largest oil refinery, has adjusted its Premium Motor Spirit (PMS) ex-depot price to ₦840 per litre, down from ₦880. This reduction comes as a response to declining crude oil prices and aims to ease the financial burden on both marketers and consumers. IPMAN has reportedly agreed to purchase petrol at ₦842 per litre, a slight markup from Dangote’s ex-depot rate. However, the final retail price will vary depending on transportation costs and regional market conditions.
IPMAN’s Response and Expected Changes
Following an **emergency meeting in Abuja**, IPMAN confirmed that while the ex-depot price has been set at **₦842**, individual marketers will determine their **retail prices** based on logistics and operational costs. Maigandi noted: > *“We have agreed with Dangote Refinery at an ex-depot price of ₦842 per litre. It is a good thing that the refinery reduced its price to ₦840.”* This means that while some stations may lower prices immediately, others—especially those in remote areas—may maintain higher rates due to transportation expenses.
Following an **emergency meeting in Abuja**, IPMAN confirmed that while the ex-depot price has been set at **₦842**, individual marketers will determine their **retail prices** based on logistics and operational costs. Maigandi noted: > *“We have agreed with Dangote Refinery at an ex-depot price of ₦842 per litre. It is a good thing that the refinery reduced its price to ₦840.”* This means that while some stations may lower prices immediately, others—especially those in remote areas—may maintain higher rates due to transportation expenses.
Current Fuel Prices in Abuja
A DAILY POST survey in Abuja revealed that most filling stations, including MRS, NNPC, Emadeb, and Total, are still selling petrol at ₦945 per litre. Only Ranoil and Empire Energy have adjusted their prices in line with the new ex-depot rate. A manager at an MRS filling station (who preferred anonymity) stated: > “We are yet to receive a fresh price template after Dangote Refinery’s new price.” This delay suggests that nationwide price adjustments may take a few more days to fully materialize.
A DAILY POST survey in Abuja revealed that most filling stations, including MRS, NNPC, Emadeb, and Total, are still selling petrol at ₦945 per litre. Only Ranoil and Empire Energy have adjusted their prices in line with the new ex-depot rate. A manager at an MRS filling station (who preferred anonymity) stated: > “We are yet to receive a fresh price template after Dangote Refinery’s new price.” This delay suggests that nationwide price adjustments may take a few more days to fully materialize.
Market Reactions and Future Expectations
The price cut by Dangote Refinery is expected to: - Lower pump prices in major cities - Reduce operational costs for transporters and businesses - Stabilize fuel supply as more marketers source locally However, factors such as logistics, taxes, and dealer margins will influence the final retail price. If global crude oil prices continue to drop, Nigerians could see further reductions in the coming weeks.
The price cut by Dangote Refinery is expected to: - Lower pump prices in major cities - Reduce operational costs for transporters and businesses - Stabilize fuel supply as more marketers source locally However, factors such as logistics, taxes, and dealer margins will influence the final retail price. If global crude oil prices continue to drop, Nigerians could see further reductions in the coming weeks.
Conclusion
The Dangote Refinery’s price reduction is a positive step toward easing Nigeria’s fuel cost challenges. While immediate price changes may vary across regions, consumers can expect gradual adjustments in the days ahead. Will this reduction lead to long-term fuel affordability? Share your thoughts in the comments!
The Dangote Refinery’s price reduction is a positive step toward easing Nigeria’s fuel cost challenges. While immediate price changes may vary across regions, consumers can expect gradual adjustments in the days ahead. Will this reduction lead to long-term fuel affordability? Share your thoughts in the comments!
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