The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that petrol prices in Nigeria could have risen to between N5,000 and N6,000 per litre if not for the intervention of the Dangote Refinery amid the ongoing crisis in the Middle East.
Speaking in an interview with DAILY POST on Monday, IPMAN spokesperson Chinedu Ukadike said the refinery has played a crucial role in stabilising the country’s fuel supply and cushioning the impact of global market disruptions.
Ukadike made the remarks while commenting on the recent reduction in fuel prices nationwide following a cut in the refinery’s petrol gantry price. He noted that the facility, which now has a refining capacity of about 700,000 barrels per day, has become a major buffer for Nigeria’s domestic fuel needs.
According to him, Nigeria would have faced a far more severe fuel price crisis if it had remained heavily dependent on imported petroleum products, especially amid the prolonged conflict involving Iran, the United States and Israel, which has lasted for more than three months.
