The Ɗangote Petroleum Refinery has resumed full operations, raising the gantry price of Premium Motor Spirit (PMS), popularly called petrol, by 7%, from ₦820 to ₦877 per litre.
According to reports, market checks showed that oil marketers purchasing two million litres and above would continue to enjoy a relatively lower price compared to depot owners.
Despite the increase, the refinery’s price remains cheaper than the ₦890–₦900 per litre currently charged by many private depots.
According to data released by Petroleumprice.ng on Thursday, major depot operators such as Pinnacle and Rainoil pegged their rates at ₦890 and ₦885 per litre, respectively.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, explained that Ɗangote’s huge capacity continues to influence market trends.
“The downstream sector continues to witness the price war. With its huge size and capacity, the 650,000 barrels per day refinery continues to determine the pace. Depot owners and others have to follow. So, we expect depot prices to reduce in the coming weeks. We also hope that the expected low prices will be extended to the filling stations nationwide”, Jeremiah stated.
Reacting to the development, the President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Obasi commended the refinery’s management for sustaining operations despite hurdles.
Obasi added that the refinery represents a milestone in Nigeria’s drive for energy independence and economic stability, stressing that OGSPAN would continue to support public advocacy on the benefits of local refining.
“This project is a game-changer for job creation, foreign exchange stability, and national energy security”, he said.
