₦airaland Forum

Three operators – Dangote Petroleum Refinery, Aiteo and AA Rano – weekend, adjusted the depot prices of Premium Motor Spirit, PMS, also known as petrol to N823 per litre from N821 per litre as crude oil rises to $67 per barrel from $65 per barrel in the international market.

Dangote Petroleum Refinery, Aiteo and Rano had previously sold the product at N821 per litre.

Checks by Vanguard yesterday indicated that the domestic market would continue to respond to global changes due to competition in Nigeria’s downstream sector.

The checks further showed that the pump prices of the product remain unchanged, but may be adjusted this week if the market situation persists.

In[b] an interview with Vanguard, Olajide Jeremiah, Chief Executive Officer of Petroleumprice.ng, said: “We are witnessing frequent adjustment of depot prices for some reasons. These include the low crude oil prices and also competition among downstream players in Nigeria.[/b]

“The market would continue to record more price adjustments in the coming weeks as new changes occur in the global oil market.

“We also expect the adjustments would be extended to pumps so that consumers would feel the impact going on in the market.”

However, in another interview with Vanguard yesterday, Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, said the domestic market remains dynamic and responsive to development at the global market.

Gillis-Harry stressed the importance of increased and stable supply, while calling for the privatisation of government-owned refineries.

He said: “Full privatization with participation of grassroots stakeholders such as PETROAN, Major Energy Marketers Association, MEMAN, and others remains the real solution.

Meanwhile, Dangote Petroleum Refinery has concluded plans to increase its capacity by 7.7 percent to 700,000 barrels per day (bpd), from the current 650,000 bpd.

However, checks by Vanguard indicated that the refinery’s operations have already altered the previous flows of petroleum products, mainly from Europe and other markets, to Nigeria in particular and Africa in general.
Nigeria, which previously relied heavily on foreign refineries to meet its domestic fuel needs, has, through the Dangote Petroleum Refinery, helped meet domestic demand while also exporting to other markets worldwide.
This shift has affected the European gasoline market, with the Organisation of Petroleum Exporting Countries, OPEC, noting that the Dangote Refinery’s production and exports will likely weigh further on the European gasoline market.

The refinery’s production has freed up gasoline volumes in global markets, prompting the need for new destination markets and adjustments in the flow of gasoline. This has led to declining petroleum product imports into Nigeria and affected Europe’s gasoline inventory levels.

Talking as if you own anything that uses petroleum products to power.

Car ..None
Motorcycle..None
Generator...None

Everytime dey cho cho cho on every topic. When Dem talk now, you go dey shout..I DO CRPTO, money market online.

You wey poverty don build skyscraper for head.

helinues:
Let the free for all in the oil market in Nigeria continue. Win win for Nigerians

esnbrutality:
Talking as if you own anything that uses petroleum products to power.

Car ..None
Motorcycle..None
Generator...None

Everytime dey cho cho cho on every topic. When Dem talk now, you go dey shout..I DO CRPTO, money market online.

You wey poverty don build skyscraper for head.

helinues:
Let the free for all in the oil market in Nigeria continue. Win win for Nigerians

esnbrutality:
Talking as if you own anything that uses petroleum products to power.

Car ..None
Motorcycle..None
Generator...None

Everytime dey cho cho cho on every topic. When Dem talk now, you go dey shout..I DO CRPTO, money market online.

You wey poverty don build skyscraper for head.

Let the free for all in the oil market in Nigeria continue. Win win for Nigerians

givedemwotowoto:
I told you guys they will keep adjusting it down till it gets to the real price of Petrol before elections. After elections it goes back to corruption levels, because F** off, you got scammed lol. The crime scene in Nigeria is unbelievable when you realize what's going on.

helinues:
Let the free for all in the oil market in Nigeria continue. Win win for Nigerians

helinues:
Let the free for all in the oil market in Nigeria continue. Win win for Nigerians

leo1234:
Where is the fall here
Price was increased and you talking of free fall.

helinues:
When was fuel sold at N1,000 in Nigeria or have you been out of the country for a while?

leo1234:
Since APC took over power.

Fuel was initially less than 200 naira per litre.

helinues:
But that was subsidized fuel now. Same thing with dollar which was subsidized.

We now have true price for both after the subsidy removal

omenka:
Until we hit below 500 naira, I don't see anything to be excited about in fuel prices so far. These guys are ripping Nigerians off.

leo1234:
That's true.

But the money made from subsidy removal is not reaching the common man as it should.