The Nigerian National Petroleum Company (NNPC) has reached a new agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) on the ex-depot price of petrol on Wednesday, October 16, 2024

According to IPMAN President, Abubakar Maigandi, NNPC has reduced the price from N1,010 to N955 per litre, following intervention from the Department of State Services (DSS).

The decision comes after oil marketers raised concerns about the high price at which they were required to purchase petrol, citing that it was above the rate charged by the Dangote refinery.

Maigandi had previously requested that NNPC either match the Dangote refinery price or issue refunds to the marketers.

Maigandi confirmed that NNPC promised to begin loading fuel immediately, with sales commencing at N995 per litre in Lagos.

The move is expected to address the current scarcity and improve supply across the country.

While the NNPC recently increased petrol prices to N998 per litre in Lagos and N1,003 per litre in Abuja, negotiations between NNPC, IPMAN, and the Dangote refinery are ongoing regarding the direct supply of petrol to marketers.