Marketers project N950/litre as Dangote lowers petrol price

Oil marketers operating under the auspices of the Independent Petroleum Marketers Association of Nigeria have projected a decrease in the retail cost of Premium Motor Spirit, also known as petrol, to N950 per litre in Lagos State.

It also said petrol customers in the Federal Capital Territory may pay N990 for a litre.

The IPMAN National Publicity Officer, Chief Chinedu Ukadike, gave the hint during an interview with our correspondent, stressing that the product will now trade for less than a thousand naira.

He said, “Once there is a price reduction, it will trickle down. There will be a change to the pump price. It will be less than N1,000. But the difference will be determined by location. It may be N950 in Lagos and possibly N990 in Abuja. Logistics will play a key role. Remember that the price of diesel hasn’t reduced and that is what we put in our tankers.”

This expected price reduction follows the decision by the Dangote Petroleum Refinery to lower its ex-depot price to N899.50 per litre.

The new price is the second reduction within a month and a decrease of N71 or seven.per cent from the previously adjusted price of N970 per litre on November 24.

Earlier on Thursday, a statement by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, announced the introduction of a special petrol price offer to benefit Nigerians.

https://punchng.com/markets-project-N950-litre-dangote-Lower-petrol-price/