BREAKING: Fuel Pump Price Reduction
Dangote Refinery fuel distribution has cause a positive reduction in price of PMS otherwise called petrol or fuel
A report by Business Day Newspaper on Friday, September 20, highlights a major development in Nigeria’s petroleum market. Leading oil marketers, including 11 Plc, Total Energies, and AA Rano, have begun sourcing petrol from the Dangote Refinery. This move has led to a
significant drop in the price of petrol, with marketers now purchasing it at N765.99 per litre, a marked reduction from earlier rates that often surpassed N950 per litre.
The Dangote Refinery, the largest in Africa with a production capacity of 650,000 barrels per day, is set to reduce Nigeria’s reliance on imported fuel. This transition is expected to boost fuel availability and help stabilize prices across the nation. However, independent marketers currently face challenges in accessing petrol directly from Dangote due to regulatory restrictions. For now, the Nigerian National Petroleum Company (NNPC) remains the sole entity authorized to offtake petrol from the refinery.
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Despite the favorable new pricing, there are ongoing concerns regarding competition and transparency in the market. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for fair pricing policies to ensure that locally produced petrol remains a competitive alternative to imported fuel. This call emphasizes the need for a balanced approach in the distribution of petrol to promote competition and ensure long-term market stability.
