Again, Filling Stations Adjust Fuel Prices as Marketers Move to Load Petrol From Dangote Refinery

• There is a new fuel price at filling stations as marketers prepare to load petrol products from the refinery
• The federal government of Nigeria has approved direct purchases by independent marketers from Dangote
• The deregulated petroleum market means that market forces will now determine the pump price

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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Filling stations nationwide have once again raised the pump price of Premium Motor Spirit, commonly known as petrol.

This adjustment follows reports that oil marketers are preparing to source petrol from Dangote refinery.

Checks by Legit.ng showed that various filling stations in Lagos no longer sell fuel below N1,100 per litre compared to the previous prices of N1,050 and N1,060.

Some filling stations sell as high as N1,250, while the black market sells at N1,300.

At a filling station in Ikotun, a motorist, Chinedu Eze, told Legit.ng that he paid N1,150 per litre.

He said:

"Fuel prices keep going up, I am tired."

Femi Adeyemi, another frustrated motorist, added:

"Look around; it's empty. People can’t afford fuel anymore, even though we have a refinery and produce crude."

Another motorist, Innocent Unah, confirmed the changes.

"Yesterday, at the same filling station where I paid N1,070 per litre, today it is N1,110 per litre. It’s really not funny anymore. When did fuel start behaving like the naira exchange rate?"

Petrol prices at filling stations

Vanguard also reported that pump prices at filling stations now range between N1,100 and N1,200 per litre, up from around N1,060, and vary by location.

The report gave the prices as follow:

• Conoil: N1,109 per litre
• TotalEnergies: N1,109 per litre
• NIPCO: N1,115 per litre
• Ardova Plc: N1,125 per litre
• Most Independent Marketers: Between N1,150 and N1,230 per litre

Marketers express readiness to buy Dangote petrol

A previous report by Legit.ng stated that independent markers are willing to patronise Dangote refinery following the alarm by its owner.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked the mega refinery to consider direct petrol sales to its members, citing delays and outstanding payments from NNPC.

Marketers speak on Dangote petrol price

In a similar report, the marketers insist that the mega refinery should sell the product at a reduced rate to attract their patronage.

Dailytrust reports that many marketers who spoke anonymously said Dangote’s price is higher than that of imported products, discouraging them from buying it.

According to the report, many marketers landed the product at N970 per litre, while the $20 billion refinery sells for N977, leaving a margin of N77.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.