The Independent Petroleum Marketers Association of Nigeria says it is expecting that the Dangote refinery will reduce the price of its diesel further to say about N700 per litre.
The National Vice President of IPMAN, Hammed Fashola, stated this on Wednesday while appreciating the Dangote refinery for reducing the price of diesel from over N1,200 to N1,000.
Fashola, in an interview with our correspondent, maintained that the marketers have high expectations that the price of diesel would still go down.
According to him, the rebound of the naira against the dollar will bring about an appreciable reduction in the diesel price.
“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
The IPMAN boss explained that the price would be reduced because the challenges of shipment, Customs duties and others have been removed since the product is being produced locally.
