The Dangote Petroleum Refinery yesterday resumed full operations, adjusting its gantry price of Premium Motor Spirit (PMS), popularly known as petrol, upward by seven per cent from N820 to N877 per litre.
Despite the increase, the refinery’s new price remains lower than the N890–N900 per litre depot prices currently charged by many independent depot owners across the country.
Checks by Vanguard revealed that major depot operators such as Pinnacle and Rainoil are selling petrol at N890 and N885 per litre, respectively. Optima and Matrix depots put their prices at N880 and N890 per litre.
According to the Chief Executive Officer of Petroleumprice.ng, Mr. Olatide Jeremiah, the Dangote Refinery continues to dictate the pace in Nigeria’s downstream oil market due to its capacity and output strength.
“The downstream sector continues to experience a price war. With its massive 650,000 barrels per day capacity, the Dangote Refinery sets the benchmark. Other depot owners have to follow its lead,” Jeremiah said. “We expect depot prices to drop in the coming weeks, and we also hope the reduced prices will trickle down to filling stations nationwide.”
Findings across Lagos and other cities, however, showed that most filling stations were still dispensing petrol at prices above N900 per litre as of yesterday.
OGSPAN Commends Dangote Refinery
Reacting to the development, the President of the Oil and Gas Service Providers Association of Nigeria (OGSPAN), Mazi Obasi, lauded the management and staff of the Dangote Refinery for what he described as a “resilient and patriotic effort” in overcoming economic and operational challenges to resume production.
He said the refinery’s success marks a significant step toward achieving Nigeria’s energy independence and economic stability.
“The Dangote Refinery is a milestone in Nigeria’s quest for self-sufficiency in petroleum refining. It will enhance local job creation, strengthen foreign exchange stability, and promote national economic growth,” Obasi said.
He added that OGSPAN remains committed to supporting the refinery through advocacy and public enlightenment initiatives to educate Nigerians on the long-term benefits of domestic refining.
