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The Independent Petroleum Marketers Association of Nigeria has expressed its anticipation for the Dangote refinery to further decrease the price of diesel to around N700 per litre.
The National Vice President of IPMAN, Hammed Fashola, commended the Dangote refinery for already reducing the diesel price from over N1,200 to N1,000.
Fashola emphasized that the association has high hopes for a continued decrease in the diesel price.
He attributed this expectation to the strengthening of the naira against the dollar, which is anticipated to result in a significant reduction in the diesel price.
"This is a positive and welcomed development. We anticipate further reduction in the diesel price. With the current exchange rate of almost N1,000 to the dollar in the black market, we expect the dollar to decrease even more."
He further explained that the local production of diesel eliminates challenges such as shipment, Customs duties, and others which were previously associated with imported products.
As a result, the association is hopeful that diesel could eventually be priced at around N700 per litre, which would benefit everyone.
Fashola emphasized the importance of locally produced diesel being distinct from imported products.
“We all supported Dangote, we all prayed for him. We appreciate that the price is coming down, we still expect that the price will come down more and it will be affordable for citizens. He said
