Diesel Prices Expected to Drop to N700/litre Following Dangote’s Move
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is eyeing a potential reduction in diesel prices to N700 per litre in the wake of Dangote refinery’s recent price adjustment.
Hammed Fashola, the National Vice President of IPMAN, expressed optimism regarding the anticipated decrease in diesel prices, attributing it to the impact of Dangote refinery’s actions. He commended Dangote for lowering the price of diesel from above N1,200 to N1,000, describing it as a positive and welcome development.
Fashola highlighted the factors contributing to the expected reduction in diesel prices, including the favorable exchange rate between the naira and the dollar, which currently stands at nearly N1,000 on the black market. He emphasized the significance of local production in alleviating challenges such as shipping, taxes, and Customs duties, which have historically inflated diesel prices.
The IPMAN leader underscored the potential for further price decreases, aiming for diesel to reach N700 per litre. He emphasized the importance of domestically produced diesel being distinct from imported products, citing the removal of logistical hurdles and taxation as key drivers behind the anticipated price drop.
As stakeholders in the petroleum industry anticipate the tangible benefits of local production, consumers and businesses alike stand to benefit from potentially lower diesel prices. The move towards more affordable diesel aligns with efforts to enhance economic stability and promote local production in Nigeria’s energy sector.
