Oil marketers have assured Nigerians that petrol prices are likely to drop soon, as they prepare to lift products directly from the Dangote Refinery. Following recent price hikes, with petrol now costing ₦950 per litre in Lagos and ₦1,000 in some northern states, the Independent Petroleum Marketers Association of Nigeria (IPMAN) believes that direct supply agreements with the refinery will help stabilize prices.
IPMAN spokesperson Chinedu Ukadike emphasized that discussions are ongoing with Dangote Refinery to secure direct access for independent marketers. He noted that once independent marketers can lift products directly, it will introduce competition and reduce price disparities in the market, potentially driving down costs.
Ukadike further highlighted the positive impact of Dangote’s involvement in diesel production, where prices have dropped significantly since independent marketers began purchasing directly. He expects a similar trend with petrol, resulting in more affordable prices for consumers across the country.