All things being equal, Premium Motor Spirit PMS, otherwise known as petrol will be sold at Lagos markets and environs at the cost of N550, with slight modifications in other regions due to differentials in logistical costs.
The National President of the Independent Petroleum Marketers Association of Nigeria IPMAN, Alhaji Abubakar Migandi Garima, who disclosed this on Monday, April 8, 2024, said the Umbrella body of Petroleum products marketers are currently holding discussions with the Management of the country’s only known Privately owned Refining facility ,the Dangote Refinery in this regard.
The Source reports that following the official removal of all subsidies on petroleum products by the President Bola Ahmed Tinubu, earlier on in the life of the administration ,prices of petroleum products skyrocketed, with the PMS used mostly by motorists presently selling at between N700 and N750 a litre across the country.
But IPMAN president has assured that , the association’s on going discussions with Dangote ,will considerably ease the price burden on PMS users ,when the refinery finally comes on stream,in no distance time.
Alhaji Garima while emphasising the costs advantages of locally refined petroleum products, noted that while the average cost of PMS is expected to be N550 in Lagos and environs,the product will be slightly higher in other geopolitical zones due to higher cost of transportation.
However, he asserted that with access to domestic supply of crude and less logistical costs ,Dangote refinery and other locally refined petroleum products will be cheaper
The IPMAN President expressed the optimism that the ongoing discussions between the association and Dangote Refinery,will lead to an agreement in the areas of price margins and other operational costs ,before the commencement of full operations by the Refinery.
It is widely anticipated that ,a marginal reduction in the prices of petroleum products ,has the huge potentials to drive down the costs of goods and services,presently out of the reach of ordinary Nigerians.
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