New Petrol Prices Emerge Again as Marketers Project New Cost by December After Dangote’s Action
- Oil marketers are optimistic that petrol prices will crash further by Christmas as Dangote Refinery reduced the ex-depot costs
- The marketers disclosed that following the refinery’s action, petrol could sell for between N900 per litre and N1,000 this yuletide
- The development comes amid a petrol price slash by the Dangote Refinery on Sunday, November 24, 2024.
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Petroleum marketers have revealed that petrol prices may crash further between N900 and N1000 per litre by the Christmas period due to Dangote Refinery’s intervention.
The Petroleum Products Retail Outlets Owners Association (PETROAN) president, Billy Gillis-Harry, and the national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated this recently.
Source: UGC
Oil marketers project N900 per litre petrol price
The development comes amid a petrol price slash by the Dangote Refinery on Sunday, November 24, 2024.
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The mega refinery reduced the ex-depot price of petrol from N990 per litre to N970.
The refinery disclosed that the price slash was to appreciate Nigerians for their support.
This follows an agreement with IPMAN members to lift over 60 million litres of petrol weekly from the $20 billion refinery.
The PETROAN boss, Gillis-Harry, said the recent petrol price slash by the refinery will impact prices positively.
He stated that the price may drop further during the yuletide depending on crude prices and the Dangote Refinery.
Also, Ukadike said that petrol prices may get cheaper in the coming weeks as Christmas approaches.
IPMAN members slash petrol prices further
He revealed that the recent price slash by the 650,000 bpd-capacity refinery means that prices at IMPAN members’ stations will reduce by between N15 and N20 per litre, depending on the location.
He stated that the association members had recently slashed petrol prices from N1,200 and N1,300 to N1,100 and N1,150 per litre.
He asked Nigerians to expect the cheapest petrol prices by December, which he said should be between N900 and N1,000 per litre.
NNPC suspends petrol imports by marketers
Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) has directed oil marketers to halt petrol imports, stating that the Dangote Refinery has sufficient capacity to meet domestic needs.
According to reports, the directive came amid a high-level meeting in Abuja attended by NNPC Group CEO Mele Kyari, representatives of the Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMAN), and key stakeholders.
Representatives of 11 PLc, Matrix, AA Rano, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) were also present at the meeting.
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Source: Legit.ng
