The Independent Petroleum Marketers Association of Nigeria says the Premium Motor Spirit price might plummet much more in the days ahead, reaching N800 per litre.
In an interview with The Intercept, IPMAN spokesman Chinedu Ukadike revealed this.
He claims that the agreement between Dangote Refinery and petroleum marketers might cause fuel prices to plummet even more from the average of N875 to N910 per litre in Lagos and Abuja.
However, in order to promote greater competition, he asked Dangote Refinery to sell petroleum products to all petroleum marketers at the same price it sells to MRS filling stations, Nigerian National Petroleum Company, and others.
“Whatever yardstick Dangote Refinery is using to sell to NNPCL, MRS, and others, he should also use the same for all marketers.
“Price modulation is no longer done by the government but by demand and supply.
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“Now that petrol is nosediving to N800 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 told The Intercept.
His comments come as Dangote Refinery and retail partners recently reduced fuel prices to N875 and N895 per litre in Lagos and Abuja.
