The Nigerian Independent Petroleum Marketers Association (IPMAN) expects the forthcoming Dangote Petroleum Refinery will offer petrol, also known as Premium Motor Spirit (PMS), at a competitive price range of N600 to N650 per litre.
According to IPMAN National Vice President, Hammed Fashola, the $20 billion refinery is capable of lowering fuel prices if it has necessary support, particularly regarding crude supply.
Fashola stated that now N570 is what the Nigerian National Petroleum Company Limited (NNPCL) sells PMS to marketers at. However many members of IPMAN buy from private depot owners for N700 or higher.
“We anticipate Dangote Refinery to offer a competitive price which will benefit our members and finally the consumers,” said Fashola. “The ultimate prices will be contingent on current market forces inclusive of crude quotations and production outlays.”
IPMAN anticipates a similar PMS prices, as Dangote’s refinery initially reduced price from N1600 to N1,000 per litre.
There are discussions going on between IPMAN and refinery officials regarding a possible partnership, with more updates expected soon.
This development is viewed as an encouraging move towards stabilizing fuel prices in Nigeria, amidst global challenges regarding crude supply.