The Independent Petroleum Marketers Association of Nigeria has said the price of Premium Motor Spirit may nosedive further to N800 per litre in the coming days.
IPMAN spokesperson, Chinedu Ukadike disclosed this to DAILY POST in an interview.
According to him, with partnership between petroleum marketers and Dangote Refinery, petrol prices may crash further from an average price of between N875 and 910 per litre in Lagos and Abuja.
He, however, urged Dangote Refinery to sell petroleum products to all petroleum marketers at the same rate it is selling to MRS filling stations, Nigerian National Petroleum Company, and others to foster broader competition.
“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.
“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 DAILY POST.
His comments come as Dangote Refinery and retail partners recently reduced fuel prices to N875 and N895 per litre in Lagos and Abuja.
