LAGOS, Nigeria (VOICE OF NAIJA) – The Independent Petroleum Marketers Association of Nigeria says that the expectation on Dangote refinery to crash the market price of its diesel to about 700/litre remains high.
The body expressed their optimism in price reduction following the naira appreciation against the dollar, and Customs duties are exempted.
The National Vice President of IPMAN, Hammed Fashola, in an interview appreciated the price reduction of diesel from over 1,200 to 1,000 by Dangote.
The IPMAN boss stated that the naira is doing well enough to help mitigate the price of diesel.
READ ALSO: Excitement As Dangote Slashes Diesel Price To N1,000/litre
“It is a good development, a welcome development. That is what we expected. Even we are still expecting that diesel will still come down more. Because if you look at the dollar rate to the naira now, the currency is doing well against the dollar. The exchange rate now is almost N1,000 on the black market. We still expect that the dollar will come down more,” he stated
Fashola further explained that when you remove the cost of importation from the locally produced, then the price would go down to the benefits of the people.
“When you look at the diesel being produced here, there are lots of factors that have come to play; like the issue of shipment, the issue of tax, Customs and others. All those are not there again. So, we marketers, we are expecting diesel to come to like N700 per litre; that is our prayer and at that level, it will be a blessing to everybody. That is what we are looking at. What we produce here must be quite different from what is imported. That is what we expected,” Fashola submitted.
“We all supported Dangote, we all prayed for him. We appreciate that the price is coming down, we still expect that the price will come down more and it will be affordable for citizens,” Fashola said.
READ ALSO: Oil Marketers Push for Lower Dangote Diesel Price, Seek Govt Intervention
Recall that Dangote started the sale of diesel some weeks ago, with a fixed price of 1,600/litre, and later reduced the price to 1,250/litre.
Also, the refinery recently announced another price slash , saying the fuel would now be sold at N1,000/litre.
Punch