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

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

Lagos, Nigeria — Nigerians may soon experience relief at the pump as the price of Premium Motor Spirit (PMS), commonly known as petrol, is expected to decline following the resumption of product loading at the Dangote Refinery.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that its members have begun lifting petrol from the 650,000-barrel-per-day facility, a move anticipated to ease recent supply challenges and stabilize market prices.

Speaking to Daily Post, IPMAN President Abubakar Maigandi stated that the renewed supply would improve availability and lead to a reduction in pump prices. “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,” he said.

Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, echoed similar sentiments, noting that increased supply from Dangote and other depots would enhance affordability. “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 said.

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Recent checks revealed that several filling stations, including MRS, Emedeb, Optima, and Bova, have resumed dispensing fuel. This follows a two-week period during which petrol prices surged to between N940 and N965 per litre in parts of Abuja, largely due to supply disruptions.

Last week, Devakumar Edwin, Vice President of Dangote Industries, disclosed that over 310 million litres of petrol had been scheduled for loading at the refinery, signaling a significant boost in distribution.

The Nigerian National Petroleum Company Limited (NNPC) and other retailers had previously adjusted pump prices upward, with rates climbing from N905–N910 to as high as N965 per litre.

With supply now improving, stakeholders and consumers alike are hopeful that the anticipated price drop will offer much-needed economic relief across the country.

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