The Independent Petroleum Marketers Association of Nigeria (IPMAN) is optimistic about further reductions in diesel prices, expecting Dangote refinery's impact to bring it down to around N700 per litre. IPMAN's National Vice President, Hammed Fashola, commended Dangote refinery for reducing diesel prices from over N1,200 to N1,000, emphasizing the potential for further decreases.
Fashola highlighted the strengthening of the naira against the dollar as a key factor in potential price reductions. He explained that local production eliminates challenges such as shipment and customs duties, leading to lower costs. He expressed hope that diesel prices could drop to N700 per litre, which would benefit everyone and align with local production costs.
The IPMAN boss expressed gratitude for Dangote's efforts, noting that the price reduction aligns with expectations and prayers. He emphasized the importance of affordability for citizens and the positive impact on the economy.
Dangote refinery recently started selling diesel, initially reducing prices from N1,600/litre to N1,250/litre, and further to N1,000/litre. Analysts anticipate various benefits from these price cuts, including reduced production costs for businesses, potential resumption of closed businesses, and overall economic growth. They also foresee savings in foreign exchange reserves and a possible decrease in inflation, leading to increased economic activities.
