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Petrol price crashes to ₦800 per litre as marketers seal deal with Dangote
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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that petrol prices will drop significantly once its members begin purchasing products directly from the Dangote refinery.
Elijah Shettima, IPMAN’s national president, said that direct access to the 650,000-barrel-per-day refinery would cut out middlemen and slash distribution costs.
“Our major concern is to ensure that independent marketers can purchase products directly from the Dangote Refinery,” Shettima said.
He added that if imports become necessary, marketers should also be granted the freedom to bring in products independently.
₦125 Already Slashed More to Come
Shettima revealed that IPMAN members have already reduced petrol prices by about ₦125 per litre nationwide and they’re not stopping there.
“We are ready to reduce prices as long as we can maintain reasonable margins and remain profitable. Our goal is to make fuel more affordable for consumers,” he stated.
Could Petrol Hit ₦800 or Below?
When asked if Nigerians could expect petrol at ₦900 per litre, Shettima said the price would depend on procurement costs from depot owners.
But he went further:
“If procurement costs continue to decline, marketers could reduce pump prices further even below ₦800 per litre where market conditions permit.”
A Game-Changer for the Downstream Sector
Shettima described Dangote refinery’s decision to supply independent marketers directly as a major milestone, predicting it would:
· Boost competition
· Lower distribution costs
· Ultimately benefit millions of consumers
He also called on the federal government to continue supporting local refining by creating an enabling environment for existing refineries and encouraging more private investment.
The Bottom Line
With direct Dangote supply on the horizon, Nigerians could soon see petrol prices drop to levels not seen in years. For now, all eyes are on procurement costs and the promise of sub-₦800 fuel.
The Accord Party has defeated the All Progressives Congress (APC) at the polling unit of former Osun Deputy Governor and ex-APC National Secretary, Senator Iyiola Omisore, in the ongoing Osun State governorship election.
According to results uploaded to the Independent National Electoral Commission (INEC) Result Viewing Portal (IReV), Accord secured 131 votes at Polling Unit 003, Ife Ward 1 (Moore), St. Gabriel Primary School, in Ife East Local Government Area.
The APC polled 85 votes to finish second, while the African Democratic Congress (ADC) recorded 10 votes. Other political parties obtained marginal votes at the polling unit.
The result adds to a series of early victories recorded by the Accord Party as INEC continues the uploading and collation of results across the state.
Earlier, Accord also won at the polling unit of former Osun Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area.
The result sheet uploaded on the IReV portal showed Accord polling 125 votes, ahead of the APC, which recorded 85 votes. The ADC secured five votes.
Meanwhile, INEC has continued to upload results from polling units across Osun State as the governorship election moves into the collation stage.
Voters across the state’s 30 local government areas cast their ballots on Saturday to elect a governor for the next four years.
The major contenders in the election include the incumbent Governor Ademola Adeleke of the Accord Party, APC candidate Bola Oyebamiji, and African Democratic Congress (ADC) candidate Najeem Salaam.
The Accord Party has won the governorship election at the polling unit of former Osun State Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area of the state.
According to the result sheet uploaded to the Independent National Electoral Commission’s (INEC) IReV portal, Accord polled 125 votes to emerge victorious at the polling unit.
The All Progressives Congress (APC) came second with 85 votes, while the African Democratic Congress (ADC) secured five votes.
The African Action Congress (AAC) scored two votes, while the Social Democratic Party (SDP), Young Progressive Party (YPP) and Zenith Labour Party (ZLP) each recorded one vote.
Other parties, including the AA, ADP, APGA, APM, APP, BP, NNPP and PRP, recorded no votes.
The result sheet showed that 228 voters were accredited, with 220 valid votes cast and eight rejected ballots.
The election was conducted at Court Hall I, Okuku, in Odo-Otin Local Government Area.
The result comes against the backdrop of Oyinlola’s reported endorsement of the APC governorship candidate, Bola Oyebamiji, ahead of the election.
Oyinlola, who governed Osun State from 2003 to 2010, had publicly backed Oyebamiji despite the APC candidate running against incumbent Governor Ademola Adeleke.
The outcome at Oyinlola’s polling unit therefore puts the Accord Party ahead of the APC, with Adeleke’s party failing to secure the unit despite the incumbent governor’s participation in the election.
Voting was disrupted in Ejigbo, Osun State, after violence broke out at a polling unit during the ongoing Osun State Governorship election.
It was gathered that voters, residents and officials of the Independent National Electoral Commission (INEC) fled the polling unit as tension escalated around the area.
According to Channels TV, people were seen running in different directions while motorcycles and vehicles moved through the area as residents attempted to escape the unfolding situation.
The immediate cause of the violence was not clear, as the chaos temporarily halted the ongoing electoral process.
The incident comes as voters come out in their numbers to partake in governorship election amid tight security.
Osun Election: Accord Defeats APC in Omisore’s Polling Unit
Osun election: Oyinlola Loses Polling Unit to Accord Party
Osun election: INEC officials take to their heels as violence erupts in Ejigbo
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