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By Dada Ahmed in Lokoja.
(C). Nairametrics.
Petrol prices in Lokoja, kogi State on Monday,showed signs of a downward trend, with a slight reduction observed at the NIPCO filling station located at the Gadumo axis of the Lokoja-Ganaja road.
Our correspondent who monitored the development reports that the price per litre at NIPCO dropped from N1,080 to N1,075, reflecting the ongoing impact of recent changes in the national fuel supply chain.
Our correspondent gathered that the price reduction comes on the heels of a significant development in Nigeria’s fuel distribution sector.
Reports have it that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has begun lifting petrol directly from the Dangote Refinery in Ibeju-Lekki, Lagos State.
This move, The Reporters further gathered follows an agreement reached in November 2024 between IPMAN and the refinery, aimed at ensuring a more steady and affordable petrol supply across the country.
The IPMAN’s National President, Abubakar Garima, announced the agreement after a National Working Committee meeting in Abuja on November 11, describing the partnership as a pivotal step towards enhancing fuel availability.
Garima noted that discussions with Aliko Dangote and his management team culminated in the arrangement to supply independent marketers directly from the Dangote Refinery.
“We’re pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK, directly for distribution to our depots and retail outlets,” Garima said.
He encouraged members to support the refinery, emphasizing the broader benefits of backward integration, which would positively affect Nigeria’s foreign exchange market.
Since late November, IPMAN members have begun lifting millions of litres of petrol from the Dangote Refinery.
The National Publicity Secretary Chinedu Ukadike clarified that the initial lifting process was conducted through MRS Oil while finalizing necessary documentation.
This temporary arrangement helped maintain a smooth operation and address supply gaps.
Experts in oil industry expressed delight that Dangote Refinery’s decision to reduce petrol prices from N990 to N970 per litre has spurred local demand.
Ukadike pointed out that by eliminating intermediaries, this direct supply arrangement is contributing to the reduction in fuel prices, promoting affordability.
“We’ve been uploading products stored in the tank and meant for commuters,” Ukadike said.
The Reporters reports that with the new supply model in place, this collaboration is expected to strengthen the country’s fuel distribution network and bring more competitive pricing to consumers, including in places like Lokoja, where the impact of this shift is already being felt at the pump.
Some motorists who spoke with our correspondent in Lokoja on the recent slight fuel price reduction expressed delight, but also urged stakeholders involved in the new distribution process to intensify efforts in further lowering fuel prices.
They emphasized that a substantial decrease in petrol prices would not only ease the burden on consumers but also contribute to a reduction in transport fares and other costs of living.
The motorists hope that continued collaboration among the key players in the fuel supply chain will lead to more significant price reductions, ultimately benefiting the broader economy.
