Marketers Call for Further Reduction in Dangote Petrol Prices
The Independent Petroleum Marketers Association of Nigeria has urged Dangote Petroleum Refinery to reduce its Premium Motor Spirit price below the current N825 per litre, arguing that the facility has sufficient enabling factors to achieve lower pricing. IPMAN Publicity Secretary Chinedu Udadike suggested that petrol should be priced around N750 per litre given the refinery’s operational advantages.
While acknowledging that Nigeria’s petrol prices are lower than other West African countries, Udadike emphasized that Nigeria’s status as a crude oil-producing nation with local refining capacity should translate to even greater affordability. He highlighted that many West African countries lack both crude oil production and local refining capabilities, making direct price comparisons less relevant.
Udadike credited Dangote with conquering fuel scarcity issues that previously caused long queues at filling stations but maintained that further price reductions are achievable. He predicted that if the naira strengthens to N1,200 against the dollar from the current N1,600 rate, petrol prices could drop below N750 per litre, emphasizing the critical role of exchange rate stability in petroleum product pricing.
Source: Punch Nigeria
