Independent petroleum marketers in Nigeria are optimistic that petrol prices will decrease when the Dangote Petroleum Refinery begins releasing its products to the market. The Independent Petroleum Marketers Association of Nigeria (IPMAN) predicts that petrol from the refinery could sell for between ₦600 to ₦650 per litre, compared to the current price of ₦700 and above from private depots.
IPMAN’s National Vice President, Hammed Fashola, expressed hope that the Dangote refinery could help lower fuel costs, similar to the impact it had on diesel prices, which dropped from ₦1,600 to ₦1,000 per litre when the refinery began production. However, he noted that this would depend on the refinery’s production costs and the ongoing crude supply challenges.
Fashola also mentioned that IPMAN is in talks with Dangote refinery officials about a potential partnership, which could further benefit the market if the refinery receives adequate support, particularly in securing crude oil supplies.