Kehinde Fajobi
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent decline in petrol pump prices to stiff competition between Nigeria’s two major refineries—Dangote Refinery and NNPC Limited.
While NNPC Retail cut its price from ₦1,030 to ₦965 per litre, retailers like AA Rano and AYM Shafa dropped theirs from ₦1,070 to ₦1,020 per litre.
IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, described the price reductions as a positive development driven by local competition and improved product availability, in an interview with Vanguard.
“It is a good development for independent marketers and for consumers too,” Ukadike said.
“Now, because of increased demand, price normally goes up during this period, but right now the opposite is the case.
“Availability has been taken care of, and we are now seeing a price war among the gladiators—NNPC and Dangote.”
He added that the situation is expected to improve further next year when the Warri and Kaduna refineries are expected to become operational.
Ukadike also highlighted the benefits for independent marketers, noting increased turnover and better access to supply.
“When the price was around ₦1,300 per litre, most of our members barely sold 5,000 litres daily, but we are doing far better now,” he said.
He praised Dangote Refinery for lowering the bulk purchase eligibility volume from 10 million litres to 2 million litres, making it easier for independent marketers to buy directly.
“NNPC’s portal is also open now for marketers to take as much product as they want,” he added.
Ukadike expressed optimism that the ongoing competition between the refineries would continue to benefit both marketers and consumers.