Fuel prices fall as Dangote Refinery, IPMAN sign 60 million-litre weekly fuel supply deal

The Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have finalised an agreement for the weekly supply of 60 million litres of Premium Motor Spirit (PMS).

This deal coincides with a marginal reduction in fuel prices at IPMAN member filling stations nationwide, according to the association’s spokesperson, Chinedu Ukadike, who provided an update on Sunday.

On November 11, 2024, IPMAN had announced its groundbreaking agreement with Dangote Refinery to directly source petrol, sparking hopes for a decline in fuel costs.

Providing further details, Ukadike confirmed that the refinery has committed to supplying 60 million litres of petrol weekly, with the quantity potentially increasing based on demand.

“The 60 million litres will be distributed nationwide once lifting begins,” he explained, noting that the partnership has already influenced a drop in pump prices.

“Prices have fallen by N10, N15, and in some cases as much as N50 at our member stations. This reduction is due to increased competition and the impact of deregulation in the oil and gas sector,” Ukadike added.

The deal marks a significant step in addressing fuel availability and affordability across Nigeria, bringing relief to consumers amid fluctuating petrol prices.