IPMAN urges Dangote Refinery to reduce Petrol Price below N825

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Dangote Petroleum Refinery to sell Premium Motor Spirit (petrol) below the current N825 per litre price. IPMAN’s Publicity Secretary, Chinedu Ukadike, stated that the refinery has the necessary enabling factors to sell petrol at a lower price.

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Ukadike agreed that petrol is currently cheaper in Nigeria compared to other West African countries, but noted that the product should be far cheaper in Nigeria, considering the country’s crude oil production and the naira-for-crude policy. “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,” he said.

Ukadike predicted that petrol could be sold for around N750 per litre and called on the Federal Government to strengthen the naira to make fuel more affordable. “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

Dangote had previously stated that his refinery has contributed to the reduction of fuel prices, with Nigerians paying about 55% of what other West African citizens pay for petrol. However, Ukadike believes that the price can still be reduced further. “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 emphasized that the refinery has helped Nigeria bring down the cost of refined products and production costs across many sectors of the economy. “In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol,” he said.

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