Price war: Depot owners in trouble as Dangote Refinery resumes bulk sales at N877 per litre
The Dangote Petroleum Refinery resumed complete operations yesterday, increasing the gantry price of Premium Motor Spirit, also referred to as petrol, by seven percent, elevating it from N820 to N877 per liter.

The Dangote Petroleum Refinery resumed complete operations yesterday, increasing the gantry price of Premium Motor Spirit, also referred to as petrol, by seven percent, elevating it from N820 to N877 per liter.
Investigations by Vanguard revealed that oil marketers purchasing two million liters or more would take advantage of this relatively lower price.
The gantry price from the refinery is still below the depot prices of N890 to N900 per liter set by numerous depot operators.
Recent information published by Petroleumprice.ng indicated that depot owners like Pinnacle and Rainoil have set their prices at N890 and N885 per liter, respectively.
The report also highlighted that Optima and Matrix have established their depot prices at N880 and N890 per liter, respectively.
Olatide Jeremiah, the Chief Executive Officer of Petroleumprice.ng, stated, “The price competition in the downstream sector continues. The refinery, with its considerable size and capacity of 650,000 barrels per day, influences the market. Depot owners and others must adapt to this trend. Therefore, we anticipate a decrease in depot prices in the upcoming weeks. Additionally, we expect the anticipated lower prices to reach filling stations across the country.”
Vanguard's investigation yesterday found that several filling stations were selling the product for more than N900 per liter.
Mazi Obasi, President of the Oil and Gas Service Providers Association of Nigeria, OGSPAN, commented, “The management and employees of Dangote Refinery deserve recognition for successfully starting operations and for their determination in overcoming various economic and operational difficulties caused by saboteurs within the oil and gas sector.”
Obasi further mentioned that the creation and success of the Dangote Refinery marks a major achievement in Nigeria’s pursuit of energy independence and economic stability. He promised that OGSPAN is dedicated to collaborating with the refinery to promote advocacy and public education initiatives that inform Nigerians about the substantial advantages of local refining for the national economy, job creation, and stability in foreign exchange.
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