Dangote Refinery, in conjunction with the Independent Petroleum Marketers Association of Nigeria, has formalized a contractual agreement for the supply of 60 million litres of Premium Motor Spirit on a weekly basis.
This announcement follows the confirmation from IPMAN that there has been a slight decrease in fuel prices across the filling stations operated by its members throughout the country.
The spokesperson for IPMAN, Chinedu Ukadike, conveyed this information on Sunday while providing a status report regarding the direct petrol procurement arrangement with Dangote Refinery.
It is important to note that on November 11, 2024, IPMAN declared that it had successfully negotiated a contract with Dangote Refinery for the direct procurement of petrol.
This development has fostered optimism regarding a potential reduction in fuel prices.
In a recent update, Ukadike indicated that Dangote Refinery had consented to supply its members with 60 million litres of fuel on a weekly basis.
He emphasized that there has been a reduction in petrol prices ranging from N10 to N50 across various filling stations as a result of the agreement established with Dangote Refinery.
“While the discussion is still ongoing, Dangote has offered to give us over 60 million litres depending on our patronage.
“The 60 million litres is to be given weekly. And we can take and distribute it across the country once we start lifting the product from the refinery.
“It is obvious now that the prices of the products have crashed. You would have noticed the drop in prices by N10, N15, something N50 or so, and this is due to competition and deregulation in the oil and gas sector,” he stated.
