The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the price of fuel could crash to N550 when the Dangote refinery is fully operational.
Public Relations Officer of IPMAN, Chinedu Ukadike, made this known in a statement yesterday.
According to him, marketers were expecting that the refinery would sell petrol between N480 and N500, adding that once that happens, oil marketers would sell at a pump price of between N515 and N550 depending on the location.
“We are happy. We congratulate Dangote. What he has done in diesel, is good enough because since he came in, diesel has remained within the benchmark of N1,000 and N1,100. “So that has helped marketers and transporters to be able to move their petroleum products and reduce unnecessary expenses and costs.
“Diesel was almost N1,600 until Dangote announced its price to N1,200 and later N900 per litre, it will give marketers a sense of belonging and enhance competition in terms of the distribution in the down stream chain. “Definitely there will be a reduction in petrol price. We are anticipating and optimistic that Dangote will give us petrol at the price regime of around N480 and N500 and once that is done, we are good to go. Once that is done, we could sell between N515 and N550 depending on the location,” he said.
