Petrol Prices Expected to Drop as Dangote Refinery Resumes Supply to Marketers

Petroleum product marketers across Nigeria have expressed optimism that the price of Premium Motor Spirit (PMS), popularly known as petrol, will drop in the coming days following the resumption of loading activities at the Dangote Refinery.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed that its members have begun loading petrol from the 650,000-barrel-per-day refinery. He stated that the development would help ease the nationwide fuel shortage and stabilize prices.

“Our members have started loading at the Dangote Refinery at N877 per litre, up from N820. With increased supply, we expect the price to drop slightly, though I can’t specify by how much,” Maigandi explained.

Similarly, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said that improved availability of petrol from Dangote Refinery and other marketers would ensure affordability and bring relief to Nigerians.

Several filling stations, including MRS, Emedeb, Optima, and Bova, have reportedly resumed dispensing fuel after a recent scarcity that saw prices rise to between N940 and N965 per litre in parts of Abuja.

The recent hike was attributed to temporary supply disruptions at the Dangote Refinery. However, Vice President of Dangote Industries, Devakumar Edwin, disclosed last week that over 310 million litres of petrol have been scheduled for loading at the facility, a move expected to restore normalcy to the market.