IPMAN Anticipates Further Diesel Price Drop to N700/litre with Dangote Refinery’s Operations


The Independent Petroleum Marketers Association of Nigeria (IPMAN) anticipates a further reduction in diesel prices, expecting it to reach approximately N700 per litre, owing to the operational dynamics of the Dangote refinery.

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Hammed Fashola, the National Vice President of IPMAN, expressed this optimism while commending the Dangote refinery for recently slashing the price of diesel from over N1,200 to N1,000 per litre.

In an interview with a correspondent, Fashola maintained that there are high hopes among marketers for a continued decrease in diesel prices. He attributed this expectation to the strengthening of the naira against the dollar, which is poised to bring about a notable reduction in diesel costs.

Fashola elaborated on the factors contributing to the anticipated price reduction, highlighting the elimination of challenges related to shipment, customs duties, and other logistical hurdles since the product is now locally produced.

“With diesel being locally produced, several factors such as shipment, taxes, and customs duties no longer apply. We anticipate that diesel prices could drop to around N700 per litre, which would be beneficial to everyone,” Fashola remarked.

He further emphasized the support for Dangote’s refinery project and expressed gratitude for the decreasing diesel prices, expressing the hope that they would become even more affordable for citizens.

Dangote refinery initiated diesel sales approximately two weeks ago, initially reducing the price from N1,600/litre to N1,250/litre. Last Tuesday, another price cut was announced, with diesel now available at N1,000/litre.

Economists and analysts have lauded these price reductions, highlighting potential benefits such as reduced production costs, the resurgence of shuttered businesses, and increased economic activities. They also noted the positive impact on foreign exchange reserves and predicted a significant boost in economic growth if the current trend continues.

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Emman Tochi
Emman Tochihttps://naija247news.com
Emma Tochi is Naija247news Media Northern Bureau Chief, he's based in FCT Abuja. He overseas the northern operations of this business media

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