Home Business Oil Marketers Predict Petrol Price Drop with Direct Supply from Dangote Refinery
Business

Oil Marketers Predict Petrol Price Drop with Direct Supply from Dangote Refinery

Share
Nigerians Consume 11.26bn Litres of Petrol in First-Half of 2023
Share

Oil marketers have indicated that petrol prices could soon decrease as they initiate direct product lifting from the Dangote Refinery.

This announcement comes amid ongoing fuel scarcity and rising petrol costs, which have reached ₦950 per litre in Lagos and ₦1,000 per litre in northern regions.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), discussed the matter on Channels Television, emphasizing that establishing direct supply agreements with the Dangote Refinery is critical to stabilizing 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.”

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

READ ALSO: Obi’s Spoiler Role Caused Nigerians Suffering – Pastor Giwa

 

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.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
PETROAN Lauds NMDPRA Over Gas Distribution Licences
Business

Ban on Foreign Goods: PETROAN Warns of Fuel Price Hikes, Shortages

The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has cautioned President...

Dangote refinery
Business

Dangote Reveals True Obstacles to His $20bn Refinery’s Success

Aliko Dangote clarifies that major oil marketers and traders, not the new...

Nigeria Reclaims First Position as Africa’s Top Crude Oil Producer
Business

Nigeria’s Economic Woes Deepen as Oil Prices Plummet to $60

Crude oil prices have fallen below $60 per barrel, raising concerns about...

FG approves National Integrated Electricity Policy to transform power sector | Daily Report Nigeria
Business

FG approves National Integrated Electricity Policy to transform power sector

The Federal Government has approved the National Integrated Electricity Policy (NIEP) to...