Petrol prices have fallen drastically in the past three weeks from N1,200 to N1,025 per litre, after serious competition in the market.

Data indicates that Major Energy Marketers Association of Nigeria (MEMAN) outlets such as MRS, AA Rano, Conoil and other filling stations have heavily reduced their petrol prices.

This comes as the Independent Petroleum Marketers Association of Nigeria (IPMAN) recently revealed that its members hope to lift petroleum products from the newly refurbished Port Harcourt refinery.

Also, the Dangote Refinery and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have continued dialogue to conclude details for lifting fuel at the refinery.

The Nigerian National Petroleum Company Limited (NNPC) owns the Port Harcourt Refinery, which began operations in November and is said to be operating at 70% capacity.

IPMAN's public relations officer, Chinedu Ukadike, disclosed that the refinery supplies only NNPC retail outlets and a few marketers.

Ukadike further explained that independent marketers expect to load products from the refinery with the anticipated increase in the supply of petroleum products.

The IPMAN spokesman said that marketers are now lifting petroleum products directly from the Dangote Refinery after reaching a deal with the facility’s management and the refinery’s decision to reduce the minimum bulk purchases for marketers to two million litres of petrol.

Ukadike stated that, due to the reduction, IPMAN members can now access petrol from the Lekki-based refinery.

The IPMAN chief stated that accessing products directly from refineries has made the market more competitive as independent marketers can now compete with major marketers.

According to reports, Ukadike stressed that competition in the market has just started, saying that with the crash in the naira exchange rate, pump prices will also crash further in the coming weeks.