Petrol Prices Rise: Oil Dealers Import Fuel While Marketers Discuss Solutions With Dangote Refinery

Petrol Prices Rise: Oil Dealers Import Fuel While Marketers Discuss Solutions With Dangote RefineryBetween Friday, October 18, and Sunday, October 20, four vessels carrying Premium Motor Spirit (PMS), commonly known as petrol, arrived at Nigerian seaports. According to a document from the Nigerian Ports Authority (NPA), these vessels delivered approximately 123.4 million litres of PMS.....KINDLY READ THE FULL STORY HERE▶

The vessels docked at both the Apapa port in Lagos and the Calabar port in Cross River State, providing a significant boost to the nation’s fuel supply amid ongoing concerns about meeting domestic demand.

This latest delivery supports an earlier report by The PUNCH, indicating that oil marketers intended to import PMS to supplement supplies from the Dangote Petroleum Refinery. Marketers have raised concerns that the refinery, located in Lekki, is currently producing around 10 million litres of petrol daily, well below the 25 million litres originally promised. This shortfall has necessitated the decision to import fuel, despite the refinery’s recent commissioning.

In September, reports indicated that about 141 million litres of PMS were imported following price hikes from the Dangote Refinery. These imports have been facilitated by the favorable market conditions resulting from the government’s full deregulation of the downstream oil sector, allowing marketers to import fuel when local production falls short.

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