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Marketers Predicts Cheaper Petrol From Dangote Refinery, ₦600/Litre
Independent petroleum marketers in Nigeria are expecting petrol from the Dangote Petroleum Refinery to be priced between ₦600 and ₦650 per litre when it becomes available in the market.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism in an interview with Punch that the $20 billion Dangote refinery could help lower fuel costs, provided it receives sufficient support, particularly in securing crude oil supplies.
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Fashola noted that the Nigerian National Petroleum Company Limited (NNPCL), currently the sole importer of petrol, sells the product to marketers at around ₦570 per litre.
However, many IPMAN members purchase petrol from private depot owners at prices exceeding ₦700 per litre.
He explained, “We are marketers, and we seek the best prices. If the Dangote refinery offers a favourable price, we will consider it.
“The official price from NNPCL is about ₦570/litre, but private depots sell to our members at ₦700 and above. We hope Dangote can sell between ₦600 and ₦650/litre, but this depends on their production costs.”
EKO HOT BLOG reports that Fashola also highlighted the impact the Dangote refinery had on diesel prices, which dropped from around ₦1,600 to ₦1,000 per litre when production began.
Marketers Petrol Dangote Refinery
Diesel currently sells for ₦1,150 to ₦1,200 per litre. He expressed hope for a similar effect on petrol prices but acknowledged that the ongoing crude supply challenges could be a significant hurdle.
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“We have to be realistic. Even if Dangote is buying crude in naira at the international market price, it might not make a significant difference,” Fashola added.
He also mentioned that IPMAN has been in discussions with Dangote refinery officials about a potential partnership and is awaiting further developments.
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