According to the Independent Petroleum Marketers Association of Nigeria, the country’s fuel prices will plummet in the days ahead as a result of Dangote’s Premium Motor Spirit (Petrol) being sold directly to its members.

In an exclusive interview with DAILYPULSE on Monday, James Tor, the National Secretary of the Independent Petroleum Marketers Association of Nigeria, revealed this.

His remarks follow Abubakar Maigandi, the national president of IPMAN, who declared on Monday that Dangote Refinery has consented to sell petrol directly to his members.

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The Nigerian National Petroleum Company Limited’s intermediary function in the first lifting of Dangote Petrol on September 16, 2024, is terminated by the agreement between IPMAN and the 650,000 barrels per day Dangote Refinery.

In a similar vein, the DAILYPULSE claims that because of the direct selling deal, petrol marketers have substituted imported petroleum for Dangote petrol.

Speaking on the effects of IPMAN and Dangote Refinery’s direct purchase agreement, Tor clarified that Nigerians will benefit from a sharp drop in petrol prices as well as an increase in the products’ accessibility across the country.

He claimed that the deal would lower the price of gasoline at Independent Marketers’ retail locations below N1,150 per litre.

“The price of petrol will drastically drop if the commercial agreement goes into effect.

“It will result in ease product availability and pricing factor for obvious reasons. With fuelling stations all around the nation, we are the main players.

“Depending on what Dangote Refinery agreed to give us, the price of petrol in our filling station will go much below N1,150 in our retail outlets,” he told DAILY POST.

IPMAN and Dangote Refinery have reached an agreement on the direct sale of PMS, according to Anthony Chiejina, the spokesperson for the Dangote Group.

Recall that in recent weeks, gasoline marketers had approached Dangote Refinery about partnering on the direct sale of PMS.

This comes after the Nigerian government said that, as part of the Naira-for-crude agreement, NNPCL would no longer be the only off-taker of Dangote Petrol.

On October 11, 2024, the Naira-for-crude implementation committee, which was chaired by Finance Minister Wale Edun, gave petrol merchants permission to remove Dangote Petrol.

The dispute between oil marketers and Dangote Refinery over fuel prices over the past few days has ended with the most recent agreement between IPMAN and Dangote Refinery on direct petrol sales.

Last Monday, Dangote Refinery disclosed that the prices of its gasoline for trucks and ships was N960 and N990 per litre.

IPMAN had previously maintained that imported fuel was less expensive than Dangote’s petrol.

According to the Major Energies Marketers Association, the price of gasoline landing reduced to N971 per litre in November 2024, as reported by the DAILYPULSE.

In spite of this, Nigerians spend between N1,060 and N1,200 on petrol at various stations throughout the nation.

However, Nigerians are likely to purchase the product for N1060 a litre or less due to the IPMAN and Dangote Refinery direct PMS selling agreement.

According to the DAILY POST, the product’s price will be decided in the next few days based on the specifics of the petrol pricing that IPMAN and Dangote Refinery agreed upon.

Remember that the price of gasoline doubled in the last two months, from N617 per litre in August 2024 to between N1060 and N1,200.

Nigeria’s inflation rate, which was 32.70 percent in September 2024, is directly impacted by the increase in energy prices.