IPMAN: Dangote Could Crash Fuel Price To ₦‎515

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that, when fully operational, Dangote refinery could crash the pump price of fuel to between N515 and N550 depending on the location. IPMAN Public Relations Officer, Chinedu Ukadike, in an interview with New Telegraph yesterday, said the 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.

He also said the refinery would break fuel importation monopoly by the Nigerian National Petroleum Company of Nigeria. Ukadike said: “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 added: “Independent marketers are delighted because this is the end of monopoly in the distribution of PMS in Nigeria. The monopoly of the Nigerian National Petroleum Company Limited, (NNPC Ltd) as a sole importer will once be challenged and the after deregulation or removal of subsidy will be practiced in Nigeria because once there is monopoly through regulation.