In a promising turn of events for fuel consumers, Nigeria’s diesel market is abuzz with anticipation as marketers hint at a possible price drop to N700 per litre. This speculation follows Dangote’s recent reduction in diesel prices, sparking optimism among industry players.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is optimistic about the impact of Dangote’s refinery on diesel prices, foreseeing a significant downturn from the current levels.
Hammed Fashola, IPMAN’s National Vice President, lauded Dangote’s initiative, highlighting the shift from over N1,200 to N1,000 as a positive step.
Fashola expressed gratitude, saying, “It is a good development, a welcome development. That is what we expected.
Even we are still expecting that diesel will still come down more.”
He attributed this potential reduction to favorable exchange rates and the absence of hurdles like shipping and Customs duties due to local production.”With the removal of obstacles such as shipping challenges and Customs duties, due to local production, diesel could potentially hit N700 per litre,” Fashola elaborated.
“When you look at the diesel being produced here, there are lots of factors that have come to play; like the issue of shipment, the issue of tax, Customs and others. All those are not there again.
“This optimistic outlook from industry leaders hints at a possible relief for consumers, with the hope that local production and favorable market conditions could lead to more affordable diesel prices in the near future.
About The Author
