Oil marketers have expressed concern over the delayed announcement of the price of petrol from the Dangote Petroleum Refinery, as the landing cost of imported Premium Motor Spirit (PMS) has surged to approximately ₦1,120 per litre.
Dealers fear that if the Dangote refinery sets a high price for petrol, they may need to resume importation of the commodity, given the government’s decision to open the market for competition. Independent Petroleum Marketers Association of Nigeria (IPMAN) President, Abubakar Maigandi, stated that independent marketers are exploring partnerships with foreign suppliers to compare landing costs with Dangote’s price.
In July, the landing cost of petrol was ₦1,117/litre, while the Nigerian National Petroleum Company (NNPC) raised the pump price last week to between ₦855 and ₦897/litre. Some independent dealers are even selling above ₦1,000/litre.
An official from Dangote Group assured that Aliko Dangote is committed to keeping petrol prices competitive and affordable, despite market challenges and the reluctance of NNPC to collaborate with the refinery.
