Petroleum Marketers to slash PMS price on Monday
PMS being dispenser
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to drop the pump price of Premium Motor Spirit (PMS) starting Monday, following Dangote Refinery’s decision to reduce its ex-depot price.
This was made known by IPMAN’s National President, Abubakar Maigandi, in an interview on Friday.
Maigandi explained that Dangote Refinery’s price cut from ₦840 to ₦820 per litre prompted the association to consider a downward review of prices at retail outlets across the country.
“Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday,” he said.
Currently, fuel is sold at between ₦905 and ₦945 per litre in Abuja. While retail stations like NNPC, NIPCO, AA Rano, and Shema dispense fuel at ₦910, Dangote’s partner outlets like AP Ardova and MRS sell for ₦905. Others such as Ranoil, Empire Energy, and Total Emadeb offer petrol at up to ₦945 per litre.
The proposed reduction could provide some relief to Nigerians battling high living costs amid fuel subsidy removal and fluctuating exchange rates.
This move by IPMAN comes as a ripple effect of Dangote’s increasing influence on the downstream oil sector, powered by its 650,000 barrels-per-day refinery which commenced domestic distribution earlier this year.
