₦airaland Forum

By Damilola Aina

The Dangote Petroleum Refinery has resumed the sale of Premium Motor Spirit, popularly known as petrol, after a one-week suspension, with a revised ex-depot price of N850 per litre, up from the previous rate of N820.

This represents a 3.66 per cent or N30 increase in the ex-depot price, raising fresh concerns about potential hikes in pump prices across the country. The updated price, tracked via industry platform petroleumprice.ng, became effective Thursday as loading activities resumed at the 650,000-barrels-per-day facility located in the Lekki Free Trade Zone, Lagos.

The PUNCH had last week reported a sudden halt in petrol sales at the multi-billion-dollar facility, a move that created uncertainty across the downstream market and triggered price volatility nationwide.

In a notice titled “Important Update on DPRP Collection Account for PMS”, Dangote refinery instructed marketers to halt all payments for PMS loading at its gantry, effectively freezing further allocations. “Please be advised that, effective immediately, all payments to the DPRP collection account for PMS gantry should be placed on hold,” the internal memo read. “Further updates will be communicated shortly.”

But resuming sales after a week-long pause, the refinery has increased its loading cost to N850, indicating a possible increase in pump price next week nationwide.

Although the refinery has not issued a public statement on the price increase, industry insiders attribute the move to fluctuations in global crude oil prices. Dangote Refinery reportedly imports around 50 per cent of its crude feedstock from the United States, leaving it vulnerable to international market dynamics.

Despite the hike in petrol price, the refinery has maintained its competitive edge in diesel sales, offering Automotive Gas Oil at N990 per litre to bulk buyers. This figure remains significantly lower than the N1,030 average seen across private depots in Lagos and other regions.

Checks by The PUNCH on Thursday confirmed that diesel continues to retail between N1,010 and N1,050 per litre at other private terminals, reinforcing Dangote’s pricing advantage in the diesel segment.

The refinery’s decision to resume loading operations has brought temporary relief to marketers, many of whom had feared a prolonged disruption. However, some operators remain on edge, citing the unpredictability of crude pricing and a lack of transparency around the refinery’s supply protocols.

The Dangote refinery, commissioned in 2023 and currently expanding from 650,000 barrels per day to 700,000 bpd, was expected to stabilise the Nigerian downstream sector and reduce import dependence. However, recent developments suggest that the road to full operational consistency may still lie ahead.

Fresh data from the downstream regulator of the oil sector revealed that marketers have resumed large-scale importation of refined petroleum products, choosing not to patronise local refineries.

Findings by The PUNCH, based on the latest fuel supply data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, showed that a staggering 71.38 per cent of Nigeria’s daily petrol consumption in May and June 2025 was met through imports.

The remaining 28.62 per cent was sourced from the $20bn Lekki-based Dangote Petroleum Refinery. This indicates that marketers, who are expected to access products locally with ease in the country, are instead spending the country’s scarce foreign exchange to import refined petroleum products.

Meanwhile, the ex-depot price of Premium Motor Spirit, popularly known as petrol, has largely stabilised across major private depots nationwide, despite Dangote Petroleum Refinery announcing a 3.66 per cent upward adjustment to N850 per litre after resuming sales.

Market data monitored on Petroleumprice.ng on Thursday showed that prices at most Lagos depots hovered between N855 and N860 per litre, with only minimal changes compared to the previous trading sessions.

At Pinnacle, Aiteo, and MRS Tincan depots, petrol is sold at N855 per litre, reflecting a marginal decline of N5 or 0.58 per cent. Similarly, Zamsom, Parker and A\&E reported prices of N859 per litre, also recording a slight drop of between N3 and N0.35 per cent.

Depot operators such as Nipco Lagos, Matrix Warri and Prudent Lagos maintained stable prices at N860 per litre with no visible change, indicating a wait-and-see attitude among many players following Dangote’s price adjustment.

A separate check around Port Harcourt and Warri terminals revealed slight downward corrections in some facilities. For example, TSL and Ever posted prices of N872 per litre, declining by N10 (1.13 per cent) and N8 (0.91 per cent) respectively. Sigmund and Masters sold at N875 per litre, shedding N5 and N4 respectively compared to their previous trading day levels.

Islie:
https://punchng.com/dangote-hikes-petrol-price-resumes-sale-after-one-week-suspension/

Islie:
https://punchng.com/dangote-hikes-petrol-price-resumes-sale-after-one-week-suspension/

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

princepee:
dangote magic.
I thought they said fuel will come down to about 500 per liter when his refinery start working.
What do we have now??
It's going to 1k per liter soon

Chubhie:
Nothing personal just business from Alinko dangote