Oil marketers disclosed on Friday that the Dangote Petroleum Refinery’s price for Premium Motor Spirit (PMS), commonly known as petrol, is between N1,015 and N1,028 per liter, depending on purchase volume.
In response, marketers announced plans to import petrol and sell it at a lower price than both the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
EDITOR’S PICKS
- NASU, SSANU Strike Nears End As FG Promises Payment Resolution
- Eredo LCDA Shares Update on Lawal Street Road Construction in Odomola
- Withdraw Tax Reform Bill From NASS – NEC Urges Tinubu
EKO HOT BLOG reports that according to data from the Major Oil Marketers Association of Nigeria, the landing cost for imported PMS stood at N978.01 per liter as of October 31, 2024. Diesel and aviation fuel were even higher, at N1,069.97 and N1,119.67 per liter, respectively.
Despite commencing local production, the Dangote refinery has not publicly set an official price, though sources within the marketing sector confirm its rates are above those of imported fuel.
Dangote reportedly charges bulk buyers N1,015 per liter and smaller buyers N1,028 per liter.
In light of this pricing, the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) stated its commitment to selling imported PMS at a price lower than Dangote’s.
Dr. Joseph Obele, PETROAN’s Publicity Secretary, noted that Dangote’s higher price may be due to the refinery using imported crude purchased at a premium rate.
Obele also revealed that the association has secured agreements with international fuel suppliers to import PMS at favorable rates, expecting the product to arrive in Nigeria with a landing cost around N800 per liter.
This price adjustment could provide much-needed relief to Nigerian consumers facing high fuel costs.
FURTHER READING
- Allow Local Refiners In Petroleum Production –Reps Urge Nigerian Govt
- “I Didn’t Enjoy My Childhood” – Oluwadolarz Opens Up About Early Struggles
- BREAKING: ‘Agbako’ – Nollywood Actor Charles Olumo Is Dead
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
