JUST IN: Petrol Price Crashes To ₦800 Per Litre As As Marketers Sign New Deal With Dangote
Independent marketers say pump prices could tumble even further possibly below ₦800 per litre once they start buying directly from the Dangote refinery, promising major relief for Nigerian consumers.
Direct Access = Lower Prices
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that petrol prices will drop significantly once its members begin purchasing products directly from the Dangote refinery.
Elijah Shettima, IPMAN’s national president, disclosed this in an interview with NAN, stating that direct access to the 650,000-barrel-per-day refinery would cut out middlemen and slash distribution costs.
“Our major concern is to ensure that independent marketers can purchase products directly from the Dangote Refinery,” Shettima said.
He added that if imports become necessary, marketers should also be granted the freedom to bring in products independently.
₦125 Already Slashed More to Come
Shettima revealed that IPMAN members have already reduced petrol prices by about ₦125 per litre nationwide and they’re not stopping there.
“We are ready to reduce prices as long as we can maintain reasonable margins and remain profitable. Our goal is to make fuel more affordable for consumers,” he stated.
Could Petrol Hit ₦800 or Below?
When asked if Nigerians could expect petrol at ₦900 per litre, Shettima said the price would depend on procurement costs from depot owners.
But he went further:
“If procurement costs continue to decline, marketers could reduce pump prices further even below ₦800 per litre where market conditions permit.”
A Game-Changer for the Downstream Sector
Shettima described Dangote refinery’s decision to supply independent marketers directly as a major milestone, predicting it would:
· Boost competition
· Lower distribution costs
· Ultimately benefit millions of consumers
He also called on the federal government to continue supporting local refining by creating an enabling environment for existing refineries and encouraging more private investment.
The Bottom Line
With direct Dangote supply on the horizon, Nigerians could soon see petrol prices drop to levels not seen in years. For now, all eyes are on procurement costs and the promise of sub-₦800 fuel.