Nigeria’s fuel price could fall to between N900 and N1,000 per litre by this December, according to petroleum marketers. This reduction is attributed to Dangote Refinery’s recent ex-depot price cuts and potential crude oil market stability.
The President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, shared this outlook in interviews on Monday.
Key Developments
– On Sunday, Dangote Refinery lowered its ex-depot petrol price by N20, reducing it from N990 to N970 per litre.
– This decision follows an earlier agreement between Dangote Refinery and Nigerian oil marketers for direct petrol purchases.
Industry Reactions
Gillis-Harry expressed optimism, stating that the **recent price cut will ease the financial burden on Nigerians**. He noted that crude oil prices and product distribution logistics would influence further price reductions.
“The pump price will definitely reduce moving forward. By Yuletide, we expect even more significant relief for Nigerians,” he remarked.
Similarly, Ukadike predicted a steady decline in fuel prices, emphasizing that **IPMAN members had already reduced prices** in recent weeks.
“The cheapest petrol price Nigerians should expect by December is between N900 and N1,000 per litre,” Ukadike explained.
Current Trends
– Fuel prices at IPMAN outlets dropped recently from **N1,200-N1,300 to N1,100-N1,150 per litre**.
– The **Nigerian National Petroleum Company Limited (NNPCL)** has also encouraged marketers to rely on Dangote Refinery for supply, reducing import dependency.
This marks a significant shift after fuel prices soared to N1,060-N1,150 per litre in October, following an earlier price of N617 in August.
Nigerians now anticipate further price drops by the festive season, signaling improved market conditions and greater affordability.
