The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said petrol prices could drop below N800 per litre following its new direct purchase agreement with the Dangote Petroleum Refinery.
Speaking in Abuja, IPMAN President Abubakar Maigandi Shettima said the deal eliminates reliance on private depot owners and will allow marketers to sell fuel at lower prices.
He said independent marketers, who operate more than 70 percent of filling stations nationwide, have already started reducing pump prices and promised further cuts as supply costs decline.
Shettima also urged the Federal Government to support local refineries and allow independent marketers to import fuel when necessary to promote competition and ensure energy security.
Meanwhile, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said falling global crude oil prices should be reflected in lower petrol prices. He warned against keeping pump prices high after replacement costs have dropped, stressing that deregulation should benefit consumers, not encourage excessive pricing.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also called for fair and cost-reflective pricing, saying regulators will work with marketers to ensure lower supply costs are passed on to consumers while maintaining a competitive market.
