Petrol Price Set To Drop Significantly By December, Marketers Predict

Petrol Price Set To Drop Significantly By December, Marketers Predict

Petroleum marketers in Nigeria are forecasting a potential reduction in the price of Premium Motor Spirit (PMS), or petrol, to between ₦900 and ₦1,000 per litre by the end of the year, driven by interventions from Dangote Refinery. The projections were made by Billy Gillis-Harry, President of the...READ MORE…

Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), and Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), in separate interviews with ireporteronline on Monday.

The optimism comes after Dangote Refinery recently reduced its ex-depot petrol price by ₦20, bringing it down from ₦990 to ₦970 per litre, a move the company described as a gesture of appreciation to Nigerians for their support.

Gillis-Harry noted that the price reduction could significantly impact the downstream petroleum market, leading to further price cuts in the weeks ahead. He emphasized that the decrease in Dangote’s petrol price would directly affect pump prices for consumers.

Ukadike echoed similar expectations, indicating that the price of petrol at IPMAN-affiliated stations would likely decrease by ₦15 to ₦20, depending on the location. He also mentioned that in recent weeks, IPMAN members had already reduced petrol prices from ₦1,200 and ₦1,300 per litre to between ₦1,100 and ₦1,150.

Ukadike further stated that Nigerians can expect the lowest petrol price by December 2024 to be between ₦900 and ₦1,000 per litre. He pointed out that the price cuts show signs of a healthier market, with petrol prices now trending downward rather than increasing.

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