Marketers Hint at Potential Fuel Price Drop

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the pump price of Premium Motor Spirit (PMS), commonly known as petrol, may fall to as low as ₦800 per litre in the coming days.

This projection was made by IPMAN’s National Public Relations Officer, Chinedu Ukadike.

Ukadike attributed the anticipated drop to ongoing partnerships between petroleum marketers and the Dangote Refinery, which has recently begun supplying fuel at lower rates.

According to him, the current price range of PMS — between ₦875 and ₦910 per litre in Lagos and Abuja — could see a further reduction if the refinery extends its pricing model to all players in the downstream sector.

“Whatever yardstick Dangote Refinery is using to sell to NNPCL, MRS, and others, he should also use the same for all marketers,” he said, stressing the importance of a level playing field to enhance competition and reduce prices across the board.

Ukadike emphasized that the deregulated market now hinges on market forces rather than government-controlled pricing mechanisms.

“Price modulation is no longer done by the government but by demand and supply.
Now that petrol is nosediving to ₦800 per litre, the volume of consumption will go high because motorists who demand it will increase.
Pricing is a determinant factor in terms of petroleum consumption,” he explained.

Recall that Dangote Refinery and its retail partners recently slashed fuel prices to between ₦875 and ₦895 per litre across Nigeria.