Petrol price set to drop as Dangote Refinery resumes supply to marketers

There’s good news for Nigerians as the price of Premium Motor Spirit (PMS), popularly known as petrol, is expected to fall in the coming days.

This follows the resumption of product loading by the Dangote Refinery to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN).

The association’s president, Abubakar Maigandi, confirmed the development in an interview with DAILY POST on Monday. According to him, IPMAN members have already started loading petrol from the 650,000-barrel-per-day Dangote Refinery, a move that is expected to ease the ongoing fuel supply challenges across the country.

Maigandi explained that the increased availability of fuel from the refinery will naturally lead to a reduction in pump prices as supply improves. He assured Nigerians that the collaboration between Dangote Refinery and independent marketers would help stabilize the market and bring relief to consumers.

“Our members have started loading at the Dangote Refinery at N877 per litre, up from N820.

“We are expecting that with the availability of the product, the price would drop a little bit. I can’t say how much a drop is expected, but there would be a reduction in price,” he told DAILY POST.

Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, hinted that the availability of fuel would push the price down and bring relief to Nigerians.

“Whenever there are enough petrol products from Dangote Refinery or the Depot and the Petroleum Products Marketers Association of Nigeria, the country should be wet enough to guarantee affordability,” he told DAILY POST.

Checks by DAILY POST showed that MRS filling, Emedeb, Optima, Bova and other filling stations have resumed dispensing fuel.

It was reported that in the past two weeks, petrol price increased to between N940 and N965 per litre in parts of Abuja.

Stakeholders within the country’s oil and gas sector had attributed the fuel price hike to a supply glitch in the Dangote Refinery.

Last week, the Vice President of Dangote Industries, Devakumar Edwin, said over 310 million litres of premium motor spirit (petrol) have been billed for loading at the Dangote Refinery plant.

Recall that the Nigerian National Petroleum Company Limited and other Nigerian filling stations had increased petrol prices up from between N905 and N910 per litre to N940 to N965 per litre.

(DailyPost)