Petrol May Crash to N600 Per Liter With Dangote Refinery – Marketers

August 13th, 2024



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According to Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria, the Dangote Refinery may help stabilize petrol prices between N600-N650 per liter, depending on production costs. Fashola stated that the refinery’s output could lead to a price reduction, despite the ongoing crude oil supply crisis affecting the facility.

Currently, the official petrol price from the Nigerian National Petroleum Company Limited is N570 per liter, while private depots sell at N700 per liter. However, with Dangote’s fuel entering the market, Fashola predicts a potential price drop to N600-N650 per liter, bringing relief to consumers.

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In his words:

“The official price from the NNPC is around N570/liter, but the third parties, the private depots sell PMS to most of our members at N700 and above

“Plus or minus, we hope Dangote can sell between N600 and N650/liter. N600 is still okay. However, it depends on the cost of the production from Dangote’s end.”



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