Oil marketers predict reduction in petrol price with direct supply from Dangote refinery
The Nigerian oil marketers are optimistic about a potential decrease in petrol prices, as they begin direct product lifting from the Dangote Refinery.
This positive development comes in response to the ongoing fuel scarcity and soaring petrol costs, which currently stand at ₦950 per litre in Lagos and reach ₦1,000 per litre in northern regions.
READ ALSO: NNPC announces new Dangote fuel prices: ₦1,019/litre in Kano, ₦960 in Rivers, ₦950 in Lagos
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), shared insights on Channels Television, stressing the importance of establishing direct supply agreements with the Dangote Refinery to help stabilise fuel prices.
He remarked, “It is just very simple. It shows that the liberalisation of the market is on course. Immediately after we discuss and commence direct lifting of product from Dangote, the issue of pricing and differential in pricing will be gone.”
Ukadike highlighted the essential role IPMAN plays in the distribution network, asserting that the association operates about 85 percent of filling stations across Nigeria.
He stressed that direct dealings with the refinery could foster competition, leading to reduced prices. “If IPMAN becomes independent, prices will drop. Because it will give us the opportunity for possible competition,” he stated.
Notably, he cited previous success in price stabilization following IPMAN’s engagement with the Dangote Refinery for diesel supplies, where costs for Automotive Gas Oil (AGO) plummeted from ₦1,600 to between ₦1,000 and ₦1,100 per litre.
Proofreading by Fa’izatu Aliyu Doma, Journalist at Neptune Prime.
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