New Petrol Prices Projected as Marketers Expect December Drop After Dangote Decrease

• Oil marketers are optimistic that petrol prices will crash further by Christmas as Dangote Refinery reduced the ex-depot costs
• The marketers disclosed that following the refinery’s action, petrol could sell for between N900 per litre and N1,000 next month
• The projected decrease comes amid a recent petrol price slash by the Dangote Petroleum Refinery on November 24, 2024

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Petroleum marketers are predicting a drop in petrol prices of between N900 and N1,000 per litre by Christmas after the Dangote Refinery announced a decrease in the cost of its products.

This is according to officials from the Petroleum Products Retail Outlets Owners Association (PETROAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN).

Oil marketers project N900/litre petrol price

The latest projections come amid a November 24, 2024, petrol price slash by the Dangote Refinery, reducing the ex-depot price from N990 p/litre to N970.

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Dangote claimed this was meant to show appreciation to Nigerians for their support but also came amid strong competition from the Port Harcourt Refinery.

The latest petrol price drop from Dangote also followed an agreement with IPMAN members to lift over 60 million litres weekly from the $20 billion refinery.

PETROAN President Billy Gillis-Harry said the decrease would positively impact prices and believes they could drop even further over the festive season.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, further stated that the petrol price may get cheaper in the coming weeks as Christmas approaches.

IPMAN members slash petrol prices further

Ukadike also stated that the recent price slash by the 650,000 bpd-capacity refinery means that prices at IMPAN members’ stations will reduce by between N15 and N20 per litre, depending on the location.

He stated that the association members had recently slashed petrol prices from N1,200 and N1,300 to N1,100 and N1,150 per litre and said Nigerians between N900 and N1,000 per litre by December 2024.

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Oil marketers give conditions to buying Port Harcourt refinery petrol as NNPC speaks on pricing

NNPC suspends petrol imports by marketers

Legit.ng earlier reported that the Nigerian National Petroleum Company Limited (NNPC) had directed oil marketers to halt petrol imports, stating that the Dangote Refinery had sufficient capacity to meet domestic needs.

The directive reportedly came at a meeting attended by NNPC CEO Mele Kyari and officials from the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association, and key stakeholders.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng