Since the Dangote Petroleum Refinery has fully reopened, the gantry price of Premium Motor Spirit (PMS), often known as gasoline, has increased by 7%, from ₦820 to ₦877 per liter.
Market research revealed that oil marketers buying two million liters or more will continue to benefit from a comparatively lower price than depot owners, according to Vanguard.
The refinery’s price is still lower than the ₦890 to ₦900 per litre that many private depots now charge, even with the increase.
Important depot operators including Pinnacle and Rainoil set their prices at ₦890 and ₦885 per litre, respectively, according to data made public by Petroleumprice.ng on Thursday.
Matrix and Optima both changed their depot prices to ₦890 and ₦880 per liter, respectively.
Olatide Jeremiah, the CEO of Petroleumprice.ng, clarified that market patterns are still influenced by Dangote’s enormous capacity.
The price war is still going on in the downstream industry. The refinery, which produces 650,000 barrels per day, continues to set the pace due to its enormous size and capability. Owners of depots and others must comply. Therefore, in the upcoming weeks, we anticipate a decrease in depot costs. Jeremiah added, “We also hope that the anticipated low prices will be applied to filling stations across the country.”
Mazi Obasi, the president of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), responded to the news by praising the refinery’s management for continuing to operate in spite of obstacles.
“The Dangote Refinery’s management and employees deserve praise for the smooth start of operations and their perseverance in overcoming numerous operational and financial obstacles presented by saboteurs in the oil and gas value chain,” he added.
The refinery is a significant step in Nigeria’s quest for economic stability and energy independence, Obasi continued, emphasizing that OGSPAN would keep promoting public awareness of the advantages of domestic refining.
He declared, “This project is a game changer for national energy security, job creation, and foreign exchange stability.”
