Dangote Refinery could reduce the price of fuel between N515 and N550 depending on the location.

This is according to the Public Relations Officer of The Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike.

Speaking in an interview with New Telegraph yesterday, he said the marketers were expecting that the refinery would sell petrol between N480 and N500, adding that once that happens, oil marketers would sell at a pump price of between N515 and N550 depending on the location.

He also said the refinery would break fuel importation monopoly by the Nigerian National Petroleum Company of Nigeria. Ukadike said: “We are happy. We congratulate Dangote. What he has done in diesel, is good enough because since he came in, diesel has remained within the benchmark of N1,000 and N1,100. “So that has helped marketers and transporters to be able to move their petroleum products and reduce unnecessary expenses and costs.

He added: “Independent marketers are delighted because this is the end of monopoly in the distribution of PMS in Nigeria. The monopoly of the Nigerian National Petroleum Company Limited, (NNPC Ltd) as a sole importer will once be challenged and the after deregulation or removal of subsidy will be practiced in Nigeria because once there is monopoly through regulation.”