Petrol Price Drop: Dangote Refinery, IPMAN Finalize 60 Million Litres Weekly Supply Deal

Petrol Price Drop: Dangote Refinery, IPMAN Finalize 60 Million Litres Weekly Supply Deal

By Fly Cable News

Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have formalized a deal for the supply of 60 million litres of Premium Motor Spirit (PMS) per week.

This agreement comes on the heels of IPMAN’s confirmation that fuel prices have experienced a slight reduction across member filling stations nationwide.

IPMAN’s spokesperson, Chinedu Ukadike, provided the update on Sunday, confirming the direct supply arrangement with Dangote Refinery.

Earlier, on November 11, 2024, IPMAN announced its agreement with Dangote Refinery to directly source petrol. This move had raised expectations of a potential price reduction.

In the latest development, Ukadike explained that Dangote has committed to supplying IPMAN members with 60 million litres of fuel each week. As a result, petrol prices have already dropped by between N10 and N50 at various filling stations, a direct outcome of the deal.

“Negotiations are still ongoing, but Dangote has offered to supply over 60 million litres, depending on demand. This quantity will be provided weekly, and we can distribute it nationwide once we begin lifting the fuel from the refinery,” Ukadike said.

He also highlighted that the price reductions—ranging from N10 to N50—are primarily due to the increased competition and the continued deregulation of the oil and gas sector.