Fuel stations across Nigeria have begun implementing new pump prices for Premium Motor Spirit (PMS), following a major price adjustment announced by the Dangote Petroleum Refinery. This shift has received full endorsement from the Independent Petroleum Marketers Association of Nigeria (IPMAN), which represents the majority of the country's retail fuel market.
Landmark Supply Deal to Reshape Market
IPMAN has secured a pivotal agreement with the Dangote Refinery for the direct supply of petrol to its registered members nationwide. The association's National President, Abubakar Maigandi Shettima, confirmed the deal, urging all members to source their PMS from the refinery due to its currently competitive rates.
Shettima emphasized that IPMAN's network, responsible for over 80% of Nigeria's downstream retail market, is now positioned to guarantee an uninterrupted fuel supply. He assured Nigerians that this new arrangement should eliminate fears of product scarcity and supply gaps across the country.
Free Delivery and Further Price Cuts Expected
A significant benefit of the partnership is the planned introduction of free nationwide delivery of petrol to IPMAN stations, set to commence in January 2026. This initiative is anticipated to drastically cut logistics costs for marketers.
IPMAN leadership believes these operational savings will be passed on to consumers, leading to even lower prices at the pump. Shettima described this development as a crucial step toward alleviating economic pressure on Nigerians by making fuel more affordable.
The price reduction follows the Dangote Refinery's recent decision to slash its ex-depot price by N125. Market checks in cities like Lagos, Abuja, and Kano show prices gradually trending downward, though they largely remain above N800 per litre.
Support for Domestic Refining and Unresolved Claims
Beyond pricing, IPMAN reaffirmed its support for federal government policies aimed at boosting local refining capacity. Shettima credited the administration of President Bola Ahmed Tinubu for fostering an environment that enables market-driven pricing and supports domestic production.
The association also praised recent leadership changes at key regulatory bodies, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), viewing them as positive steps for sector confidence.
However, IPMAN used the opportunity to remind regulators of outstanding bridging claims owed to its members, estimated at over N190 billion. The association called on the new NMDPRA leadership to address this debt urgently, noting it continues to strain independent marketers' finances.
IPMAN insists that deepening domestic refining is the only sustainable path forward for Nigeria's economy, arguing that continuous fuel importation drains foreign exchange and discourages investment.
