Fuel prices in Nigeria are likely to drop soon following a new agreement between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Dangote Petroleum Refinery. The deal, announced at a press briefing in Abuja, enables IPMAN to source products directly from Dangote’s refinery, which will improve fuel availability across Nigeria at more affordable rates.
According to Abubakar Garima, IPMAN’s National President, this partnership will ensure a consistent supply of petroleum products to IPMAN depots and retail outlets nationwide.
Energy expert Kelvin Emmanuel noted that this agreement would eliminate financing and margin costs currently passed on to IPMAN by NNPCL, leading to potential price reductions. The Executive Secretary of the Major Energy Marketers Association of Nigeria, Clement Isong, explained that factors like exchange rates, logistics efficiency, and bulk buying power influence final landing prices. He highlighted that fuel prices vary based on economies of scale and are not uniform across the country.
This initiative underscores Nigeria’s commitment to a more sustainable fuel supply and reflects the potential benefits of industry collaboration to ease the economic burden on Nigerian consumers.
