The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the recent price reduction for purchasing petroleum products from the Dangote Refinery. The refinery lowered the price of Premium Motor Spirit (PMS) to ₦970 per litre, marking a ₦20 decrease from the previous ex-depot price of ₦990. This reduction, announced by Dangote Refinery on Sunday, is seen as a significant move in a competitive market and comes as part of the refinery’s efforts to appreciate Nigerians for their support.
Anthony Chiejina, the refinery’s Chief Branding and Communications Officer, stated that the price adjustment reflects their gratitude toward the Nigerian government and the public for supporting the refinery’s vision. The move is also aligned with the government’s push to encourage domestic enterprises for the country’s collective benefit.
IPMAN President Shettima Maigandi praised the reduction, noting it reflects the changing dynamics of the industry. He assured Nigerians that independent marketers would also reduce prices once they begin sourcing the product at the lower rate from the refinery, benefiting both marketers and consumers.