{"id":6388,"date":"2025-06-09T16:12:43","date_gmt":"2025-06-09T16:12:43","guid":{"rendered":"https:\/\/panoramanews.com.ng\/?p=6388"},"modified":"2025-06-09T16:12:43","modified_gmt":"2025-06-09T16:12:43","slug":"ipman-counters-dangote-says-nigerian-petrol-not-cheap","status":"publish","type":"post","link":"https:\/\/panoramanews.com.ng\/index.php\/2025\/06\/09\/ipman-counters-dangote-says-nigerian-petrol-not-cheap\/","title":{"rendered":"IPMAN counters Dangote, says Nigerian petrol not cheap"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-6389\" src=\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2025\/06\/ipman-building-800x600-1-300x225.jpeg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2025\/06\/ipman-building-800x600-1-300x225.jpeg 300w, https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2025\/06\/ipman-building-800x600-1-768x576.jpeg 768w, https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2025\/06\/ipman-building-800x600-1.jpeg 800w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>By Amah<\/p>\n<p>Kindly share:<\/p>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">By Amah<\/div>\n<div dir=\"auto\">Kindly share:<\/div>\n<p>The Independent Petroleum Marketers Association of Nigeria has disagreed with Aliko Dangote, the owner of Dangote Refinery.<\/p>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to Dangote\u00a0 in a recent comment, Nigeria\u2019s petrol is less expensive, as his refinery ex-depot price stood at N825 per litre, adding that it is 55 percent below the West African average.<\/div>\n<div dir=\"auto\">\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u00a0However, IPMAN, on Monday said Dangote Refinery should sell premium motor spirit, PMS, around N770 per litre.<\/p>\n<p>Chinedu Ukadike, the spokesperson of IPMAN,\u00a0noted that PMS is not cheap because the country is a crude oil producer.<\/p>\n<p>He explained that the exchange rate plays a significant role in determining the PMS price in Nigeria.<\/p><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Ukadike posited that a drop in the exchange rate if the country&#8217;s currency, from N1600 to around N1200 would result in lower price of under N750 per litre.<\/p>\n<p>\u201cOn my part, I don\u2019t feel it\u2019s cheap. I think the petrol will go as low as around N770,&#8221; he daid.<\/p><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;That\u2019s my own permutation. I\u2019m not an expert in oil refining. But with what I have gathered \u2014 the refinery production costs and the landing at the depot cost, petrol should not be more than N780 or N750, in line with the dollar rate. Now the rate is around N1,600 per dollar; should it appreciate further, PMS from Dangote Refinery should be N750 per litre.<\/p>\n<p>&#8220;So, if the dollar can come down to N1,200, I want to tell you that the price of PMS at the pumps will go below N750,\u201d<\/p>\n<p>He reiterated recently that Nigeria\u2019s petrol price is not expensive.<\/p>\n<p>The cost of petrol in Nigeria currently is between N875 and N910 in Lagos and Abuja.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Amah Kindly share: By Amah Kindly share: The Independent Petroleum Marketers Association of Nigeria has disagreed with Aliko Dangote,&hellip;<\/p>\n","protected":false},"author":1,"featured_media":6389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[352,1439],"class_list":["post-6388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","category-news","tag-aiko-dangote","tag-dangote-refinery-independent-markers-association-of-nigeria"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - 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