Fuel Crisis: IPMAN calls out Dangote Refinery to cut Petrol prices

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Dangote Petroleum Refinery to reduce the price of Premium Motor Spirit (PMS) below the current N825 per litre, citing the refinery’s favorable operating conditions. IPMAN’s Publicity Secretary, Chinedu Ukadike, stated that the refinery has the capacity to sell petrol at a lower price, given its access to crude oil and local currency processing.

For further information, read more details here

“We’re a crude oil-producing state. PMS should be far lower as the President has also decided to give him crude in naira. So, most of the foreign exchange brouhaha and the exchange costs (are no more there), we should also enjoy it as Nigerians,” Ukadike said.

Ukadike acknowledged that petrol prices in Nigeria are currently cheaper than in other West African countries, but argued that prices should be even lower, around N750 per litre, considering the country’s crude oil production and the naira-for-crude policy

“What I believe he (Dangote) has conquered for Nigerians is availability. On price, we’ll still get there. Once the government works very hard to ensure that the rate of naira to the dollar is reduced and the strength of our naira is stable, you’ll find out that the price will go down,” he noted.

Ukadike predicted that if the naira appreciates to N1,100 against the dollar, petrol prices could drop below N750 per litre. “If the dollar can come down to N1,200, I want to tell you that the price of PMS at the pumps will go below N750,” he added.

Dangote had previously stated that his refinery has contributed to the reduction of fuel prices in Nigeria, with prices ranging between N815 and N820 per litre. However, IPMAN’s Ukadike believes that prices should be lower, considering the refinery’s production costs and the current exchange rate.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post