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2 days ago
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- The Crude Oil Refinery Owners Association of Nigeria has forecasted that petrol prices could autumn to N350 per litre
- The refiners disclosed that petrol prices could autumn to that scope if crude prices merchantability for $50 per barrel
- The improvement comes arsenic importers reported that the landing outgo of PMS has crashed beneath Dangote Refinery’s rate
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
The Dangote Refinery has continued to clang petrol prices arsenic parties returned to the dialog array to renew the naira-for-crude deal.
Recall that the Nigerian authorities had ordered the deal’s continuation, stating it was not time-bound.
Source: Getty Images
Marketers lament falling petrol prices
The improvement led to the mega refinery reverting to selling PMS successful naira and crashing its petrol prices to N865 per litre from N930.
Experts person said the reduced prices by the refinery were owed to the autumn successful planetary lipid prices.
However, Legit.ng earlier reported that petroleum importers person decried repeated petrol terms reductions by Dangote Refinery.
Some importers disclosed that they person been compelled to merchantability beneath their costs arsenic consumers bargain from cheaper petrol stations.
IPMAN predicts further terms cuts
IPMAN’s nationalist vice president, Hammed Fashola, asked marketers and importers to beryllium cautious portion purchasing petroleum products due to the fact that Dangote Refinery and different players could slash prices further.
Legit.ng earlier reported that the mega refinery had slashed petrol prices to N865 per litre soon aft the Nigerian authorities ordered the instrumentality of the naira-for-crude deal.
Analysts person attributed the latest terms clang to the driblet successful planetary crude lipid prices.
Dangote notifies marketers of caller petrol prices
According to reports, notices to marketers by the Lekki-based refinery amusement that its PMS volition present beryllium sold astatine N865 per litre, including charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The Dangote Refinery said that different products are inactive sold successful dollars, portion PMS income via coastal vessels are connected hold.
The improvement has led to petrol stations adjusting their pump prices downward.
According to a study by Punch, importers reported an mean nonaccomplishment of N2.5 cardinal regular and N76.5 cardinal monthly owed to the unexpected changes successful prices.
The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has asked the Nigerian authorities to scrap the naira-for-crude woody arsenic it allegedly gives Dangote Refinery an edge.
Refinery owners foretell cheaper substance prices
Meanwhile, the Crude Oil Refinery Owners Association of Nigeria has forecasted that petrol prices could autumn to N350 per litre if crude prices autumn to $50 per barrel.
Experts person said the downstream petroleum assemblage should beryllium competitory to pull concern and let just competition.
“The manufacture is immense and cannot beryllium monopolised, however, players should beryllium just to let for much concern and competitiveness, Adeola Yusuf, vigor argumentation expert and Team Leader astatine Platforms Africa, said.
Source: UGC
He said importers and different stakeholders should prosecute successful just contention to payment consumers.
Petrol landing outgo drops again
Legit.ng earlier reported that Nigerians can respire different suspiration of alleviation arsenic filling stations volition soon set pump prices again to merchantability substance astatine little prices.
As planetary lipid prices acquisition caller volatility successful the aftermath of the ongoing terms war, the landing outgo of imported substance has dropped again.
Checks amusement that aft factoring successful each the costs, the portion landing cost of imported substance is down to N853 per litre, arsenic of Tuesday, April 15, 2025.
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Source: Legit.ng
