The Dangote Petroleum Refinery has resumed full operations and increased the gantry price of Premium Motor Spirit (PMS), also known as petrol, by seven percent — from ₦820 to ₦877 per litre.
According to a Vanguard report, oil marketers purchasing two million litres and above will continue to enjoy a relatively lower price compared to smaller buyers.
Despite the upward adjustment, the refinery’s price remains below the ₦890–₦900 per litre range currently charged by many private depot owners across the country.
Data released by Petroleumprice.ng on Thursday showed that depot owners such as Pinnacle and Rainoil pegged their prices at ₦890 and ₦885 per litre respectively, while Optima and Matrix offered at ₦880 and ₦890 per litre.
Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, attributed the ongoing price competition to the refinery’s market dominance.
“The downstream sector continues to witness a price war. With its huge size and capacity, the 650,000 barrels per day refinery continues to determine the pace,” Jeremiah said.
“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 filling stations nationwide.”
Checks by Vanguard also revealed that several filling stations in parts of the country were still selling petrol for over ₦900 per litre.
Meanwhile, the President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Obasi, commended the refinery’s management and staff for what he described as “a resilient and successful” operational restart.
“The management and staff of Dangote Refinery should be commended for the successful commencement of operations and their resilience in overcoming various economic and operational challenges posed by saboteurs within the oil and gas value chain,” he said.
Obasi noted that the refinery’s establishment marks a significant milestone in Nigeria’s pursuit of energy independence and economic stability, adding that OGSPAN remains committed to supporting public enlightenment on the benefits of local refining, including job creation and foreign exchange stability.