IPMAN Promises ₦50 Petrol Price Cut After Deal with Dangote Refinery

Bashar Jelani Limanchi

1 month ago

Nigerians struggling with high fuel costs may soon experience relief as the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a proposed reduction of ₦50 per litre in petrol prices. This follows an agreement between IPMAN and the Dangote Refinery, which will allow marketers to purchase petrol at reduced rates, bypassing intermediaries.

Abubakar Maigandi, IPMAN’s National President, revealed during an interview with Channels Television that Dangote Refinery has introduced a price framework of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases. This arrangement will enable IPMAN members, who currently sell petrol at ₦1,150 to ₦1,200 per litre, to lower their prices depending on their location.

The announcement has brought cautious optimism to Nigerians who have faced escalating fuel prices in recent months. Many are hopeful that the deal will bring long-term relief, though concerns about sustainability remain.

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Yakubu Suleiman, IPMAN’s National Assistant Secretary, emphasized the significance of direct access to Dangote Refinery’s supply, stating that avoiding middlemen will help stabilize prices. He disclosed on Arise TV that a new national fuel price could be officially announced as early as Wednesday after final discussions.

Meanwhile, activist Omoyele Sowore criticized former NLC president Adams Oshiomhole, alleging that his actions as a labor leader contradicted the principles of activism. During a podcast with Glitch Africa Studios, Sowore accused Oshiomhole of supporting Nigeria’s first fuel price hike in 1992 under military leader Ibrahim Babangida, prioritizing political alliances over the interests of workers.

As the nation awaits further announcements, the IPMAN-Dangote deal marks a significant step toward addressing Nigeria’s fuel crisis. However, experts argue that systemic reforms and improved oversight will be crucial to ensuring lasting affordability for citizens.

For more details, see Naija News.

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