Oil Marketers Send Message to Dangote Refinery As NNPC Reduces Fuel Price
- Oil marketers have requested Dangote refinery to lower petrol prices from N970 per litre, citing reduced landing costs
- The marketers noted that the cost of imported petrol has reduced below its asking price and there is a need for adjustments
- Already, the Nigerian National Petroleum Company Limited (NNPC0 has crashed its petrol prices further by N20
Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Dangote Refinery to reduce its ex-depot petrol price, currently at 970 per litre.
The group argued that the call is necessary since the estimated cost of landing petrol on Nigeria’s shores has dropped to N900.28 per litre.
Source: Getty Images
Legit.ng earlier reported that the landing cost for imported petrol has dropped N70 cheaper than Dangote's asking price.
The Punch reports that Chinedu Ukadike, IPMAN’s national publicity officer, said that Dangote's price reduction will foster healthy competition within the sector.
His words:
"The cost of production is unique for every refinery. In the case of Dangote Refinery, further reviews may be necessary, especially considering that the facility has already adjusted its prices twice within one month—first from N990 to N980, and now to N970.
“This reflects the deregulation process, where prices are determined by factors such as demand and supply, production costs, and sourcing.
“It’s important to note that these developments are a positive step for Nigeria’s economy. While it remains certain that Dangote Refinery will eventually adjust its prices, such changes are inevitable as part of the process.”
NNPC adjusts petrol price
Meanwhile, the Nigerian National Petroleum Company Limited has reportedly reduced petrol prices across its retail stations in the Federal Capital Territory, Abuja.
Reports indicate that NNPC outlets sold petrol to motorists at N1,040 per litre instead of N1,060 on Saturday, December 14, 2024.
There are high expectations among motorists that further reductions in pump prices will occur in the days ahead.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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Source: Legit.ng
