- The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributes the recent drop in petrol prices to competition between Dangote Refinery and NNPC Limited.
- The competition has led to a reduction in ex-depot prices, with NNPC Retail reducing its price from N1,030 to N965 per litre.
- IPMAN expects prices to drop further with the coming onstream of the Warri and Kaduna refineries in 2025.
The recent drop in petrol prices has been attributed to the fierce competition between Dangote Refinery and NNPC Limited, Nigeria’s two major refineries. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), the competition has led to a reduction in ex-depot prices, making petrol more affordable for consumers.
Checks by Vanguard showed that most petrol retail outlets have reduced their pump prices in response to the drop in ex-depot prices. NNPC Retail reduced its price from N1,030 to N965 per litre, while other retailers, such as AA Rano and AYM Sharfa, dropped their pump price from N1,070 to N1,020 per litre.
IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, stated that the competition between the local refineries and the smooth flow of the product have resulted in the reduction in prices. He noted that independent marketers are now able to buy directly from both refineries, and the increased availability of petrol has led to a price war among the refineries.
Ukadike expects prices to drop further with the coming onstream of the Warri and Kaduna refineries in 2025. He stated that the increased competition will lead to better services and more affordable prices for consumers.
