Nigerian independent petroleum marketers (IPMAN) are expecting the price of petrol from the Dangote Petroleum Refinery to range between ₦600 and ₦650 per liter when it enters the market.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is optimistic that the Dangote refinery will reduce petrol prices, just like it did with diesel.
IPMAN’s National Vice President, Hammed Fashola, explained that the refinery’s $20 billion investment could lead to lower fuel prices if it receives adequate support, particularly in securing crude oil supplies.
Currently, the Nigerian National Petroleum Company Limited (NNPCL) sells petrol to marketers at ₦570 per liter, but many IPMAN members buy it from private depot owners at prices above ₦700 per liter.
Fashola hopes that Dangote will sell petrol between ₦600 and ₦650 per liter, which would be a welcome relief.
Fashola noted that the Dangote refinery’s impact on diesel prices was significant, dropping from ₦1,600 to ₦1,000 per liter. However, he acknowledged that the ongoing crude supply crisis poses a challenge.
IPMAN has been in discussions with Dangote refinery officials about a potential partnership and is awaiting further developments.
Overall, IPMAN is hopeful that the Dangote refinery will bring down petrol prices, but it depends on various factors, including production costs and crude oil supplies.
