Marketers Anticipate Further Diesel Price Drop to N700/litre Following Dangote’s Reduction

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is optimistic that the price of diesel could further decrease to approximately N700 per litre, following the recent reduction by the Dangote refinery.

Hammed Fashola, the National Vice President of IPMAN, expressed appreciation for the Dangote refinery’s decision to slash the price of diesel from over N1,200 to N1,000. In an interview, Fashola reiterated the industry’s anticipation of even lower diesel prices.

Fashola attributed the potential further reduction to the strengthening of the naira against the dollar, noting that the exchange rate’s improvement could contribute to a more favorable pricing environment.

He emphasized the removal of challenges associated with importation, such as shipment and customs duties, with the local production of diesel. Fashola stressed that these factors have positioned the market for a possible reduction to N700 per litre, which would benefit consumers across the board.

“We all supported Dangote, we all prayed for him. We appreciate that the price is coming down, we still expect that the price will come down more and it will be affordable for citizens,” Fashola stated.