The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed optimism that Dangote Refinery will continue to lower its diesel prices, potentially reaching a target of N700 per liter.
IPMAN’s National Vice President, Hammed Fashola, commended Dangote Refinery for the recent price reduction from over N1,200 per liter to N1,000. He stated that marketers have high expectations for further price decreases.
Fashola attributed the anticipated price drop to the strengthening of the naira against the dollar, which would reduce the cost of diesel imports. “We believe that diesel prices will continue to decline because the challenges associated with shipment, Customs duties, and other factors are no longer applicable since the product is now being produced locally,” he explained.
Fashola expressed hope that the price of diesel could reach N700 per liter, which would benefit consumers and the economy as a whole. “We supported Dangote throughout this process, and we appreciate the price reduction. We still anticipate further price decreases to make diesel more affordable for citizens,” he said.
Dangote Refinery commenced diesel sales two weeks ago, slashing prices from N1,600 per liter to N1,250. Last Tuesday, the refinery announced a second price cut, reducing the cost to N1,000 per liter. CONTINUE READING
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