Entrepreneurng.com
Monday, July 7, 2025
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us
No Result
View All Result
Entrepreneurng.com
No Result
View All Result
Home Uncategorized

Petrol Could Drop to ₦600 Per Liter with Dangote Refinery, Say Marketers

by Ikenna Ngere
August 13, 2024
in Uncategorized
0
Subsidy Removal
500
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Nigeria’s oil marketers have suggested that the price of petrol may decrease to between ₦600 and ₦650 per liter once Dangote Refinery begins production, depending on its production costs.

According to the Punch, this was revealed by Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), in a statement issued on Monday.

His comments come in the wake of reports that the $20 billion Dangote Refinery may not start fuel production by mid-August 2024, as previously projected by the President of Dangote Group, Aliko Dangote.

Fashola highlighted that a significant issue facing the Lagos-based refinery is the ongoing crude oil supply crisis. Currently, the Nigerian National Petroleum Company Limited (NNPC) offers petrol at an official price of ₦570 per liter, while private depots are selling at ₦700 per liter.

Fashola expressed optimism that with Dangote Refinery’s entry into the market, the pump price of petrol might decrease to between ₦600 and ₦650 per liter.

“The official price from NNPC is around ₦570 per liter, but private depots are selling PMS to most of our members at ₦700 and above,” he said. “With Dangote’s fuel production, we hope the price can be between ₦600 and ₦650 per liter. Even ₦600 would be acceptable, but it ultimately depends on Dangote’s production costs.”

This development comes on the heels of a recent disagreement between Dangote Refinery and the Nigerian Upstream Petroleum Regulatory Commission regarding the allocation of 26 million barrels of crude oil.

Tags: Dangote RefineryHammed FasholaIndependent Petroleum Marketers Association of NigeriaPetrol price
Share200Tweet125
Ikenna Ngere

Ikenna Ngere

  • Trending
  • Comments
  • Latest
Prince Faisal bin Salman Al Saud

Saudi Arabia: Top 10 Richest Princes and Princesses of the Royal Family

January 4, 2025
Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

Atlanta Jollof Festival: Nigerian Chef Wins at the West African rice dish

July 22, 2024
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

December 13, 2022
Sam Bankman-Fried

FTX founder Sam Bankman-Fried has been arrested in the Bahamas

19
THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

THE CHANGING NATURE OF POWER IN THE KNOWLEDGE ECONOMY

3
RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

RE-INVENTING MANAGEMENT IN THE KNOWLEDGE ECONOMY

2
Nigeria’s Debt Servicing Burden Reaches 4.1% of GDP

Nigeria’s Debt Servicing Burden Reaches 4.1% of GDP

July 6, 2025
MultiChoice Loses as Court Affirms Nigeria's Free Market Status

Nigeria Fines Multichoice ₦766 Million for Data Protection Violations

July 6, 2025
Meet Dr. Charles Drew: The Blood Bank Pioneer Who Changed the World

Meet Dr. Charles Drew: The Blood Bank Pioneer Who Changed the World

July 5, 2025

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Entrepreneurng.com

Copyright © 2025

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Business News
  • Economic News
  • Editor’s Picks
  • Advertise With Us

Copyright © 2025