The Independent Petroleum Entrepreneurs Association of Nigeria (IPMAN) anticipates a further reduction in the price of diesel, expecting it to decrease to approximately N700 per litre, thanks to the operations of the Dangote refinery.
Hammed Fashola, the National Vice President of IPMAN, expressed this optimism on Wednesday, acknowledging the Dangote refinery for already lowering the price of diesel from over N1,200 to N1,000.
In an interview, Fashola emphasized that the association has high hopes for further reductions in diesel prices, attributing this expectation to the strengthening of the naira against the dollar.
He explained that the elimination of challenges such as cargo issues and customs duties, with the product now being locally produced, would contribute to reducing the price further. Fashola stressed that diesel might reach about N700 per litre, citing the absence of aforementioned hurdles.
Fashola further expressed gratitude towards Dangote and called for continued price decreases to benefit all citizens.
The Dangote refinery commenced diesel sales about two weeks ago, initially reducing the price from N1,600/litre to N1,250/litre, followed by another price reduction to N1,000/litre last Tuesday.
Economic analysts and experts have hailed these price cuts, anticipating significant impacts on production costs, business operations, foreign exchange savings, and overall economic activities. They foresee potential boosts to economic growth and decreases in inflation if this trend persists.
