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Dangote Refinery Back In Action! Petrol Price Soars To ₦877 Per Litre Nationwide
The Dangote Petroleum Refinery has officially resumed full-scale operations, announcing a 7% increase in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol — from ₦820 to ₦877 per litre.....KINDLY READ THE FULL STORY HERE▶
According to Vanguard, market findings revealed that oil marketers purchasing two million litres or more will continue to receive a slightly discounted rate compared to depot owners.
Despite the price hike, Dangote’s latest rate remains cheaper than the ₦890–₦900 per litre charged by several private depots across the country.
Data from Petroleumprice.ng on Thursday showed that major depot operators such as Pinnacle and Rainoil currently sell petrol at ₦890 and ₦885 per litre, respectively. Likewise, Optima and Matrix adjusted their depot prices to ₦880 and ₦890 per litre.
Speaking on the development, Petroleumprice.ng CEO, Olatide Jeremiah, noted that Dangote’s massive refining capacity continues to shape pricing trends in the downstream sector.
“The sector remains in a price war. With its 650,000 barrels-per-day capacity, the Dangote Refinery dictates the market direction. Other depots are forced to follow suit,” Jeremiah explained. “We expect prices to ease in the coming weeks and hope the benefits reflect at fuel stations nationwide.”
Meanwhile, the President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Obasi, applauded the refinery’s management for sustaining operations despite economic headwinds and sabotage within the oil value chain.
“The management and staff of Dangote Refinery deserve commendation for their resilience and commitment. This project stands as a milestone in Nigeria’s quest for energy independence and economic stability,” Obasi said.
He emphasized that the refinery remains a game changer for job creation, foreign exchange stability, and national energy security, reaffirming OGSPAN’s commitment to promoting the benefits of local refining.
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