Dangote Refinery Sells Petrol at N1,015-N1,028/Litre, Marketers Vow to Sell Cheaper

The Dangote Petroleum Refinery has set the price of Premium Motor Spirit (PMS), also known as petrol, between N1,015 and N1,028 per liter, depending on the quantity purchased.

However, oil marketers have vowed to import and sell petrol below the Dangote refinery price and the Nigerian National Petroleum Company Limited (NNPCL) price.

Key Points

Dangote Refinery’s petrol price: N1,015 (bulk purchase) and N1,028 (small buyers)
Imported PMS landing cost: N978.01/litre (as of October 31, 2024)
Diesel landing cost: N1,069.97/litre
Aviation fuel landing cost: N1,119.67/litre
Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) plans to import PMS at N800/litre

PETROAN’s Publicity Secretary, Dr. Joseph Obele, attributed the higher price of Dangote’s PMS to the refinery’s use of imported crude oil at a premium. He assured that PETROAN’s imported PMS would be sold at a significantly lower price.

The development comes as three cargoes of petroleum products have arrived and been discharged at Nigerian seaports.

Marketers’ Reaction

Vowed to sell imported petrol below Dangote refinery price and NNPCL price
PETROAN has secured international fuel suppliers to import PMS at a competitive price
Applied for import license from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)

This move by oil marketers is expected to increase competition in the petroleum market and potentially lead to lower prices for consumers.