• About Us
  • Contact Us
  • Privacy & Policy
Sunday, October 19, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Marketers Predict Petrol at N600/Litre as Dangote Refinery Comes into Play

Vincent Amadi by Vincent Amadi
August 13, 2024
in Economy
Reading Time: 3 mins read
A A
0
Marketers Predict Petrol at N600/Litre as Dangote Refinery Comes into Play
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


Nigeria’s independent oil traders expect the Dangote Oil Refinery to sell petrol for 600 or 650 naira per litre when it finally hits the market. Dealers under the Independent Petroleum Marketers Association of Nigeria said they are confident that the construction of the Dangote refinery will also see petrol prices crash as much as diesel prices.
IPMAN national vice-president Hameed Fashola, in an interview with reporters on Monday, said the $20 billion refinery would reduce fuel costs if given the necessary support, especially in terms of crude oil supplies.

He said the Nigerian National Petroleum Company, the sole importer of PMS, was selling it to traders for 570 naira per litre, but most IPMAN members buy it from private warehouse owners for more than 700 naira.
“We are marketers, we go for the best. We have been buying from the NNPC, but if the opportunity of Dangote comes and the price is favourable, we will grab it. It depends on the price.
“The official price from the NNPC is around N570/litre, but the third parties, the private depots sell PMS to most of our members at N700 and above.


“Plus or minus, we hope Dangote can sell between N600 and N650/litre. N600 is still okay. However, it depends on the cost of the production from Dangote’s end. We have to be factual and sincere to ourselves. The NNPC we are talking about has an element of subsidy or what they now call under-recovery. I think something is hidden there,” Fashola explained.


On the price of diesel, Fashola said, “I am aware that Dangote refineries are driving down the price of diesel.” When the refinery started production, the price of diesel was about 1,600 naira, but it has since dropped to 1,000 naira.
“Now you can buy diesel at N1,150 or N1,200/litre. We expect the same with PMS, but this crude crisis is a major challenge. Even if Dangote is buying crude in naira, if it is at the international market price, it will make no difference. We have to be realistic.”
IPMAN chairman said the association has held business talks with several refinery representatives for possible collaboration, and market players are waiting for Dangote. “The discussion continues. We are on course. I think very soon we will conclude the discussion. We are waiting,” he explained.
Journalists recalled that last month, the President of the Dangote Group, Alhaji Aliko Dangote, predicted that the refinery would begin producing gasoline between August 10 and 12, 2024. But for various reasons, the 650,000 barrel-per-day refinery was unable to pump gasoline on Monday.
The results showed that the ongoing crude supply crisis could be a setback for refineries.

Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre

4 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

1 week ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

2 weeks ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi
National

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

1 day ago
2027: Murray-Bruce defection to APC not surprising – Dele Momodu
National

2027: Murray-Bruce defection to APC not surprising – Dele Momodu

1 day ago
Kaduna: Seven dead as terrorists clash with illegal miners
National

Kaduna: Seven dead as terrorists clash with illegal miners

1 day ago
Governor Uzodimma Approves N70,000 Minimum Wage for Imo Workers
National

APC remains only party in Nigeria – Gov Uzodimma

1 day ago
ADC Questions President Tinubu’s Five-Day Disappearance After 2025 BRICS Summit in Brazil
National

Cut foreign trips, focus on national challenges – Lawyer tells Tinubu

1 day ago
Breaking News: Former vice president Atiku Abubakar resigns from PDP
National

Atiku’s greed cause of PDP’s gradual demise

2 days ago

POLITICS

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

1 day ago
2027: Murray-Bruce defection to APC not surprising – Dele Momodu

2027: Murray-Bruce defection to APC not surprising – Dele Momodu

1 day ago
Breaking News: Former vice president Atiku Abubakar resigns from PDP

Atiku’s greed cause of PDP’s gradual demise

2 days ago
Avoid PDP, it’s torn to pieces – Akpabio tell politicians

Avoid PDP, it’s torn to pieces – Akpabio tell politicians

2 days ago
2027: Defections to APC not guarantee of victory — CUPP

2027: Defections to APC not guarantee of victory — CUPP

2 days ago
2027: Those planning to rig Abia governorship election should write their wills – Otti

2027: Those planning to rig Abia governorship election should write their wills – Otti

2 days ago

YOUR ECONOMY

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre
Economy

Dangote Refinery Boosts Fuel Supply as Petrol Price in Nigeria Rises to ₦955 Per Litre

4 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

1 week ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

2 weeks ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

3 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

3 weeks ago
BUA Chairman: Naira Will Settle at N1,300/$ by December 2025
Economy

BUA Chairman: Naira Will Settle at N1,300/$ by December 2025

3 weeks ago

E & P

2026 World Cup qualifying play-offs: We are ready for Nigeria – Gabon coach
Sports

2026 World Cup qualifying play-offs: We are ready for Nigeria – Gabon coach

by Steven Atogi
2 days ago
0

The national team coach of Gabon, Thierry Mouyouma, has said that his team is ready to tackle Nigeria in the...

2026 World Cup playoffs: Super Eagles likely to play Gabon

2026 World Cup playoffs: Super Eagles likely to play Gabon

4 days ago
EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

2 weeks ago
EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

2 weeks ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

3 weeks ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

4 weeks ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
2 weeks ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
3 weeks ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
1 month ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
1 month ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

Arewa group lambast PDP Spokesperson over disrespectful comments on Ugwuanyi

October 18, 2025
2027: Murray-Bruce defection to APC not surprising – Dele Momodu

2027: Murray-Bruce defection to APC not surprising – Dele Momodu

October 18, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address