The Independent Petroleum Marketers Association of Nigeria has announced that Premium Motor Spirit (Petrol) price will be slashed by N50 upon lifting Dangote Petrol directly.

The National President of IPMAN, Abubakar Maigandi, disclosed this during an interview with Channels Television on Tuesday.

This comes as Maigandi revealed that Dangote Refinery has agreed to sell petrol to its members at a price template of N940 and N990 per litre for depots and trucks.

According to him, with the Dangote Petrol price, IPMAN members who currently sell the product at between N1,150 and N1,200 per litre will reduce the price by N50 depending on the location.

“Presently, we have been given two different arrangements on how to buy fuel from the refinery.

“There is the one that we can load the vessels and carry to our various depots at the rate of N940 per litre. Then for the depots, it is at the rate of N990 per litre.

“For instance, the current price in Maiduguri now is N1,200 per litre. So with these current changes, it may likely reduce to N1,150, which is a reduction of N50. So that’s N1,150. It may even be below that”, he stated.

Recall that on Monday, IPMAN announced that Dangote Refinery agreed to sell petrol to its members directly, which brought an end to Nigerian National Petroleum Company, which is the sole buyer of Dangote Petrol.

The development comes after Dangote Refinery announced that its gasoline is sold at N960 and N990 per litre for ships and trucks.

Meanwhile, Nigerians currently buy petrol between N1,060 and N1,200 at NNPCL retail outlets and other filling stations.