IPMAN: Petrol Price May Crash to ₦800/Litre in Coming Days
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the price of Premium Motor Spirit (PMS), also known as petrol, may further drop to ₦800 per litre in the coming days.
Marketers Partnering with Dangote Refinery
Speaking during an interview, IPMAN spokesperson Chinedu Ukadike revealed that recent partnerships between petroleum marketers and Dangote Refinery are contributing to ongoing reductions in fuel prices.
According to Ukadike, the current average price of petrol in Lagos and Abuja ranges between ₦875 and ₦910 per litre. However, with increased supply and better pricing terms from the Dangote facility, a further decline in prices is expected.
“Now that petrol is nosediving to ₦800 per litre, the volume of consumption will go high because motorists who demand it will increase,” Ukadike said.
Call for Uniform Pricing Among Marketers
Ukadike also urged the Dangote Refinery to sell its petroleum products at the same rate to all marketers not just to major players like MRS and the Nigerian National Petroleum Company Limited (NNPCL).
“Whatever yardstick Dangote Refinery is using to sell to NNPCL, MRS, and others, he should also use the same for all marketers. Price modulation is no longer done by the government but by demand and supply,” he emphasized.
Dangote’s Price Drop Influences Market Dynamics
The comment follows Dangote Refinery’s recent decision to lower its fuel price to ₦875 and ₦895 per litre for retail partners in Lagos and Abuja. This move has already begun to shift market dynamics, especially as Nigeria continues to adjust to a deregulated downstream oil sector.
The potential drop to ₦800 per litre signals a positive outlook for consumers and could lead to increased demand and consumption across the country.
