Marketers plan to reduce prices of diesel to N700/liter

Marketers are considering a potential reduction in diesel prices to N700/litre following Dangote’s price decrease.

The Independent Petroleum Marketers Association of Nigeria anticipates that the Dangote refinery will lead to a potential decrease in the price of diesel, potentially reaching around N700 per litre.

Hammed Fashola, the National Vice President of IPMAN, expressed his gratitude towards the Dangote refinery for lowering the price of diesel from above N1,200 to N1,000.

“It is a good development, a welcome development. That is what we expected. Even we are still expecting that diesel will still come down more. Because if you look at the dollar rate to the naira now, the currency is doing well against the dollar. The exchange rate now is almost N1,000 on the black market. We still expect that the dollar will come down more,”

The leader of IPMAN elaborated on the reduction in price by pointing out that the removal of obstacles such as shipping challenges and Customs duties, due to local production, has led to this positive change.

“When you look at the diesel being produced here, there are lots of factors that have come to play; like the issue of shipment, the issue of tax, Customs and others. All those are not there again. So, we marketers, we are expecting diesel to come to like N700 per litre; that is our prayer and at that level, it will be a blessing to everybody. That is what we are looking at. What we produce here must be quite different from what is imported. That is what we expected,”