The Ɗangote Petroleum Refinery has intensified efforts through the use of Compressed Natural Gas (CNG)-powered trucks to distribute Premium Motor Spirit, (PMS), also known as petrol at ₦850 per litre to different parts of the nation.
According to the Chief Executive officer of Petroleumprice.ng, Olatide Jeremiah: “Generally, the depot prices have increased. Market data showed that petrol sold between ₦870 and ₦900 per litre at key depots in Lagos and Calabar, reflecting a steady climb over the past week.
“In Lagos, where most private depots rely on imported supply, prices remained elevated even after recent reviews. Aiteo and Pinnacle both sold petrol at ₦890 and ₦870 per litre, respectively, while Integrated Oil and Gas priced PMS at ₦870 per litre. At Calabar, Matrix Energy and Northwest Petroleum traded at ₦890 and ₦880 per litre, while Sobaz Depot hit ₦900 per litre the highest recorded so far this month”.
“The hike in depot prices would likely a crash once the Ɗangote Petroleum Refinery completes its rehabilitation, because the plant has the capacity to impact the domestic market”.
However, the retail prices of petrol have increased by 6.8 percent to ₦955 per litre, from ₦890 per litre sold last week.
The NNPCL, and stations owned by Independent Marketers in Lagos and Abuja showed that the petrol was dispersed between ₦900 and ₦955 per litre. Also, petrol marketers across Abuja, the nation’s capital, on Tuesday increased their pump price by over ₦50 per litre following a similar increase by NNPCL.
Retail outlets managed by independent marketers also raised their prices by as much as ₦70 per litre, RYBN Station along Nyanya-Karshi Road dispensing at ₦997 per litre from ₦920 it sold last week.
“The stations were selling below ₦900 per litre when Ɗangote announced that it will supply stations directly using CNG powered trucks to reduce the cost of logistics. Why are we facing increase in price?”, queried a motorist.
