A new fuel price is now expected at filling stations following Dangote Refinery’s decision to lower its ex-depot priceTo help Nigerians enjoy the festive season, Dangote Refinery announced that marketers can lift petrol at N899.50 per litreFilling station owners have commended the gesture by Dangote Refinery and have projected changes in pump prices
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) have predicted pump price reduction to N950 per litre in Lagos State and N990 in the Federal Capital Territory (FCT).
There is hope of lower petrol price at filling stations
Photo credit: Bloomberg/contributor
Source: UGC
The marketer’s projection comes following a decision by Dangote Refinery to lower its ex-depot price of Premium Motor Spirit (PMS) to N899.50 per litre.
The new Dangote petrol price is a 7% reduction from the previous rate of N970 per litre.
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Oil marketers project new fuel price
Speaking to journalists, IPMAN National Publicity Officer, Chief Chinedu Ukadike, said the reduction is expected to cascade through the supply chain, Punch reports.
Ukadike explained:
“Once there is a price reduction, it will trickle down. The pump price will be less than N1,000, with logistics costs influencing the final rate.”
He added that while Lagos residents might see prices around N950 per litre, Abuja consumers could pay slightly more due to transportation costs.
Praise for Dangote refinery
Abubakar Maigandi, IPMAN Chairman, said the reduction would lower costs across sectors and provide much-needed relief to Nigerians.
Similarly, Vanguard reports that the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has welcomed Dangote’s price reduction.
Billy Gillis-Harry PETROAN, National President, lauded Dangote Refinery for its efforts to reduce the cost of living during the festive period.
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He said:
“The reduction in petrol prices demonstrates the benefits of competition in the downstream sector.”
Marketers slash petrol prices
Henzodaily.ng previously reported that some filling stations in the Federal Capital Territory (FCT), Abuja, have already reduced pump prices.
Checks at several petrol stations revealed that pump prices have dropped from N1,100–N1,150 to N1,080–N1,090, reflecting reductions of N10–N60.
At Empire Filling Station, located at Gwarinpa Junction, prices were slightly reduced to N1,090 per litre from N1,129, representing a N39 reduction.
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Source: Henzodaily.ng